Philippines aims to cut poverty rate to 13.2 pct or lower in 2025
Source: Xinhua | 2025-01-24 | Editor:Ines
The Philippine government aims to reduce the country's poverty incidence to 13.2 percent or lower in 2025, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Thursday.
The poverty rate in the Philippines dropped to 15.5 percent in 2023 from 18.1 percent in 2021, which the government translates into 2.4 million Filipinos lifted above the poverty line.
"With the robust labor market performance and inflation deceleration in 2024, we expect to see further poverty reduction when the new poverty data becomes available," Balisacan said.
He said the government will continue to pursue a high growth trajectory of 6 percent to 8 percent, and proactive measures will keep food inflation between 2 percent to 4 percent.
Moreover, Balisacan said the government will continue its efforts to reduce poverty to single-digit levels until 2028.
The Philippine economy grew by an average of 5.8 percent in the first three quarters of 2024, with all sectors having returned to their pre-pandemic levels on the expenditures side.
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