The World Bank reported that at least 2 million Filipinos have sunk into poverty in 2020 due to the effect of the COVID-19 pandemic on the Philippine economy.
This was based on the Lender’s Philippine Economic Update July 2021 edition.
According to World Bank economist Kevin Chua, the estimated poverty in the country between 2018 and 2020 has increased by 1.4 percentage points. He added that the reason behind the matter is the fall of the household and business income caused by the pandemic.
The World Bank also estimates that the poverty rate of the Philippines has increased from 16.7% in 2018 to 21% in 2020. (PTV News)/NGS-rir
