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By Johnny Litton | May 1, 2011 - 12:00am
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The country’s middle class is bearing the brunt of rising costs and higher interest rates without assistance from the government, according to state think tank Philippine Institute for Development Studies.
23 hours ago
The Philippines’ ascent to upper-middle income country status is a “vote of confidence” in the country’s potential and a validation of the administration’s economic policies pursued over the past four years, President Marcos said yesterday.
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After four decades of being a lower-middle income economy, the Philippines has attained upper-middle income status, according to the World Bank.
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The Philippines may need to rethink its borrowing strategy after clinching upper-middle income country status, as this could gradually close the door on cheap loans and aid from development partners, analysts said.
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