The Philippines is now upper-middle income. Really?

Development isn't measured by average income alone

MANILA, Philippines – The Philippines has officially hit upper-middle income, a milestone that took nearly four decades in the making. The next challenge is to ensure that development is felt by every Filipino.

No less than the country’s chief economist warned that the Philippines must grow faster to keep pace with regional peers, while making growth “more inclusive so that poverty reduction can be faster.” (READ: Gov’t cuts growth outlook for newly upgraded upper-middle-income Philippines)

Watch this report by Lance Spencer Yu to learn more. – Rappler.com