Six Million Filipinos Lifted Out of Poverty, Philippines Says

Six Million Filipinos Lifted Out of Poverty, Philippines Says

(Bloomberg) — Nearly 6 million Filipinos were lifted out of poverty, the Philippine statistics agency said, as the government boosts spending on social welfare.

The Philippine Statistics Authority said 16.6% of the population – about 17.6 million Filipinos – were poor in 2018. That compared with the 23.3% poverty incidence in 2015, equivalent to about 23.5 million people, according to a report released on Friday.

The poverty threshold was estimated at 10,727 pesos ($211) a month for a family of five, the agency said in the report based on a survey conducted every three years.

President Rodrigo Duterte, who took office in 2016, has increased spending on education and health, while boosting infrastructure to create more jobs. The Philippine economy is among the fastest growing this decade, expanding at about 6% a year.

Highlights

  • The income gap, which measures the average amount the poor must earn to get out of poverty, was about 2,338 pesos in 2018, the statistics agency said.
  • Poverty incidence was highest in the Autonomous Region in Muslim Mindanao in the south at 53.6% and lowest in Metro Manila at 1.5%.

Get More

  • The Southeast Asian nation targets to cut poverty incidence to 14% by 2022.
  • The World Bank and the Philippines in November signed a loan agreement providing additional $300m financing for southeast Asian nation’s social welfare development and reform program.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Source : Bloomberg Link

Follow 3-www.NET
Follow
e-News.US
  
Share
e-News.Us

Category Latest Posts