Poverty incidence in the Philippines dropped to 21.0% in the first half of 2018 from 27.6% in the first half of 2015. This is equivalent to 5.7 million Filipinos who were lifted out of poverty, according to the latest Family Income and Expenditure Survey of the Philippine Statistics Authority (PSA).
According to the National Economic and Development Authority (NEDA), decline of Poverty Incidence was driven by:
•Growth in construction and manufacturing sectors which created more employment opportunities
•Increase in household incomes, particularly the bottom 30 percent
•Continued implementation of the Conditional Cash Transfer Program (4Ps), expansion of the Social Pension program, and roll-out of the Unconditional Cash Transfers (UCT) as part of the Tax Reform for Acceleration and Inclusion (TRAIN)
Further, NEDA says the country is on the right track and supports the pursuit of key reforms, such as the reduction in foreign investment restrictions and package 2 of the Comprehensive Tax Reform Program (CTRP) in order to encourage more investments and facilitate job creation especially in the rural areas.
Reported by: Department of Finance