No, the Philippines is not a third-world country. The term “third world” is outdated and inaccurate. The Philippines is classified as a middle-income country (MIC), specifically a lower-middle-income country, by the World Bank. It’s also considered an emerging market economy.
Here’s why:
- Outdated Term:“Third World” was originally used during the Cold War to describe countries not aligned with the US or USSR.
- Economic Growth:The Philippines has experienced significant economic growth, particularly in the service sector and BPO (business process outsourcing).
- Emerging Market Status:The Philippines is recognized as a dynamic emerging market with a competitive workforce.
- Lower-Middle-Income Status:The World Bank classifies the Philippines as a lower-middle-income country.
- HDI:The Philippines is classified as a Medium HDI-level country.
