President Ferdinand Marcos Jr. on July 2, 2026 (July 3 in Manila) says that he is not worried about the country's potential loss of certain developmental grants after the World Bank’s reclassification of the Philippines as an upper middle-income economy. In a joint press conference with Canadian Prime Minister Mark Carney at Vancouver Convention Center, Marcos said  he viewed this transition not as a loss, but as a sign of economic confidence that would attract more direct investments. For his part, Carney echoed the President’s statement on the importance of the private sector in ushering development. Carney also underscored the importance of the rule of law, respect for human rights, and transparency as important elements for economic development. 

VIDEO BY CATHERINE VALENTE

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