On Friday, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan stated the Marcos government aimed to reduce poverty to below 10 percent.
Following the Philippine Statistics Authority’s announcement of a decrease in the nation’s poverty rate to 22.4% in early 2023, the principal economic strategy advisor issued a statement.
“The Marcos Administration remains focused on its priority to substantially reduce poverty to a single-digit level,” Balisacan said in a statement released by the Presidential Communications Office (PCO).
“With our priorities in check, we remain committed to achieving our ‘AmBisyon of a matatag, maginhawa, at panatag na buhay para sa lahat,’ where no one is poor and no Filipino is left behind,” he added.
Balisacan notes that lifting COVID-19 restrictions and fully reopening the economy has enabled the country to bounce back from the dual effects of the pandemic and the government’s measures in response to it.
“Notably, in the first three quarters of 2023, the Philippines demonstrated remarkable resilience amid all challenges, with the gross domestic product growth rate averaging at 5.5%, placing us among the best-performing economies in Asia,” Balisacan said.
Marcos administration targets single-digit poverty rate – NEDA
Balisacan observed that the latest job market figures reveal a decrease in the unemployment rate to 4.2 in October 2023, down from 4.5 a year earlier, and a reduction in the underemployment rate to 11.7 from 14.2 during the same timeframe.
The head of NEDA mentioned that assistance initiatives like the Cash Transfer Program, fuel vouchers, rice grants, and the Free Ride Program have lessened inflation’s impact on disadvantaged Filipino families.
Balisacan declared that the Marcos leadership is committed to efficiently executing social strategies to diminish poverty across the nation and in its regions.
Steps anticipated to reduce poverty levels include establishing the Social Protection Floor for essential security, the Trabaho Para sa Bayan Act, the National Housing for Filipinos Program, and the No Hunger 2027 Food Stamp Program.
During his inaugural State of the Nation Address, President Ferdinand “Bongbong” Marcos Jr. pledged to reduce poverty to less than ten percent before his term concludes in 2028.
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