Construction of a new building progresses in the foreground of the Metro Manila cityscape from Quezon City. Mark Demayo, ABS-CBN News/File

MANILA - The Philippines will be an upper-middle income country by next year if it stays on its course, an official of the Department of Finance said Tuesday.

According to the World Bank, upper-middle-income economies are those in which 2016 gross national income per capita was between $3,956 and $12,235.

President Rodrigo Duterte has maintained the Philippines' status as one of the world's fastest growing economies, said Finance Assistant Secretary Tony Lambino.

"By next year, and (Socieconomic Planning) Sec. (Ernesto) Pernia has announced this, we will be joining the ranks high-middle-income countries. That will be announced officially based on World Bank criteria," he told ANC's Headstart.

"We’re on our way. We just need to stay the course. The ship is strong, the economic team has built a stronger ship even," he said.

The Philippines will be joining countries such as China, Albania, Belarus, Bosnia and Herzegovina, Botswana, Brazil, Ecuador, Guatemala, Malaysia, Russian Federation, Thailand, Turkey, and Venezuela in this category.