Manila, July 2 -- Executive Secretary Ralph Recto on Thursday welcomed the Philippines' official ascend to upper middle-income country (UMIC) status, saying the milestone reflects the country's stronger economic fundamentals and will translate into more jobs, investments, and opportunities for Filipinos.

In a statement, Recto said the country's elevation to upper middle-income status by the World Bank is more than a symbolic achievement, as it signals sustained economic expansion and growing investor confidence in the Philippine economy.

"Hindi lang ito titulo. Ibig sabihin nito, mas lumalago ang ekonomiya natin. Mas dumarami ang trabahong nalilikha, mas lumalaki ang kita ng ating mga kababayan, at mas maraming investors ang nagtitiwal...