PH on track in reducing poverty - World Bank

PH on track in reducing poverty - World Bank





The opposition or those political personalities in the other fence will not like to hear this good news.
The World Bank just said that the Philippines is on track in reducing the poverty as more families benefit from faster economic growth.
"Poverty reduction is likely to continue based on the growth outlook in the coming years," the World Bank said in its East Asia and Pacific Economic Update this week.

Photo credit to CNN Phils.

The World Bank in the first week of this month trimmed its growth forecast for the country to 6.4 percent because of the delayed passage of the 2019 national budget and the El Niño episode that could dampen farm output. The pace is slower than the previous 6.5 percent estimate, but will pick up from the 6.2 percent growth in 2018.
Part of the Duterte administration’s 10 point agenda is to reduce the number of poor families with government eyeing to trim the poverty rate to 14% by 2022.
According to World Bank estimates, poverty incidence is seen sliding further to 20.7 percent this year, 19.5 percent by 2020, and to 18.5 percent come 2021.
"Filipino households are likely to continue reaping the gains from high economic growth. Non-agriculture wages will continue to spur growth in household incomes particularly those belonging to the lower income groups," the report read.


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Report from CNN Phils

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