Malacañang said on Monday that the Philippines’ reclassification as an upper-middle income country (UMIC) will not immediately alter the terms of its multilateral loans or the government’s financing plans for the 2027 national budget, BusinessWorld reported.
At a briefing, Palace Press Officer Clarissa A. Castro quoted Finance Secretary Frederick D. Go as saying that multilateral development institutions typically adjust loan terms gradually, and the UMIC elevation does not trigger an automatic change in borrowing conditions.
The government expects continued access to concessional financing in the near term, as lenders evaluate country transitions on a case-by-case basis. The Department of Finance assured that the 2027 national budget assumptions remain unchanged.