NEDA official: Economic growth, investments reducing poverty

By Leslie Gatpolintan/Philippine News Agency

MANILA — The decline in the number of poor Filipinos today is a testament to the country’s sustained economic growth, as investments continue to come in, creating more jobs, according to an official of National Economic and Development Authority (NEDA).

The Philippine Statistics Authority (PSA) on Wednesday reported the poverty incidence among Filipino families declined to 21 percent during the first half of 2018 from the adjusted 27.6 percent during the first half of 2015.

This is referred to as the proportion of the population living below the poverty line to the total population.

“Overall, it is encouraging to see poverty continuing to decline as lives of Filipinos continue to improve,” NEDA officer-in-charge Undersecretary Adoracion Navarro said.

Navarro highlighted the growth in per capita income of the bottom 30 percent of households which picked up significantly to 29.2 percent in the 2015-2018 period, from only 20.6 percent in the 2012-2015 period.

This implies an increase in real incomes of the poor, which has helped in reducing poverty among Filipinos, she said.

Navarro identified higher wages and salary incomes as the top contributor to the strong income growth for the poorest 30 percent of households, followed by domestic cash receipts/support including from government, and entrepreneurial activities.

“In particular, the growing contribution of industry, particularly construction and manufacturing, to output and employment, are creating more income-earning opportunities that are accessible to the poor,” she added.

Navarro said the implementation, expansion and enhancement of government’s social programs, such as the Conditional Cash Transfer Program and Unconditional Cash Transfers, have also helped augment incomes of the poor.

To speed up poverty reduction, the NEDA official further said the government hopes to bring about policies that will help stabilize prices, such as the Rice Liberalization Law, while giving farmers technical support through the Rice Competitiveness Enhancement Fund (RCEF).

“We are also calling for more opportunities for entrepreneurship, job creation, and sustainable livelihoods for our low-skilled labor force,” she said.

Navarro said they are also continuing the push for reforms that facilitate the creation of new businesses and boost the outputs of firms, which will eventually translate to high-productivity jobs.

“These are the reduction of foreign investment restrictions and the package 2 of the Tax Reform Program, which will lower corporate taxes and rationalize investment incentives,” she added. “Attracting investments, however, should not be limited to urban growth centers but also to other regions and provinces.”

 

For the latest updates about this story, visit the Philippine News Agency website

Popular

Malacañang discourages hoarding, assuages fears over water scarcity amid looming super El Niño

By Dean Aubrey Caratiquet “Hindi po kinakailangang mag-panic, kailangan lang po ng tamang pag-prepara.” This sentence encapsulates the messaging that the government wants to extend to...

Malacañang ‘impartial’ on Baste Duterte’s testimony before Senate Impeachment Court

By Dean Aubrey Caratiquet Malacañang maintained a neutral position in response to the testimony made by Davao City Mayor Sebastian “Baste” Duterte before the Senate...

PBBM institutionalizes COMPASS Portal as online hub for budget, expenditure disclosures

By Dean Aubrey Caratiquet Reinforcing the administration’s thrust towards transparency and accountability, President Ferdinand R. Marcos Jr. signed Executive Order No. 126 s. 2026, which...

PBBM hails exemplary Filipinos that champion uncompromising public service

By Dean Aubrey Caratiquet Recognizing the valiant efforts of individuals who went the extra mile in delivering services to their communities, President Ferdinand R. Marcos...