Speaker Cayetano welcomes new WB report on declining RP poverty rate, says Congress to ññCayetano welcomed the World Bank report, which forecast that poverty in the Philippines will fall below 20 percent starting next year.
The World Bank sees the Philippines’ poverty rate further declining to 19.8 percent next year and 18.7 percent in 2021.
Cayetano also cited the poverty alleviation efforts of the Duterte administration for an inclusive approach to economic development. He said that Congress also shares the President’s vision.
“The positive outlook of World Bank can be attributed to Pres. Duterte’s desire to provide a safe and comfortable life for all Filipinos. This is a goal that we share, and through our active partnership and the combined sustained efforts of the Executive and the Legislative Department we expect a further decline of poverty incidence in the country,” says Cayetano.
“We heed the President’s call to ensure the efficient and effective use of government resources to provide more funds to poverty reduction and sustainable growth,” the Speaker said in a statement.
“In the House of Representatives, we have prioritized the passage of key economic reform and tax measures to ensure that the pro-poor laws aimed at promoting healthcare and human capital will be fully implemented,” Speaker said.
In the recent Macro Poverty Outlook for East Asia and the Pacific report released by World Bank, they cited that fostering high-quality job creation and boosting human capital investment would enhance the impact of economic growth on poverty reduction and shared prosperity.
“For our part, we have ensured the swift passage of the proposed 2020 budget and pushed for some major realignments that will address urgent concerns in education, health and agriculture,” he added.
He also cited that the national budget is a an effective tool to boost inclusive development, accelerate infrastructure and promote equitable access of basic qservices.
Cayetano hopes that all members of Congress will continue to be as persistent and hardworking to sustain this momentum of growth.
