• WB: 2.5M Filipinos out of poverty

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    THE Philippines is finally making inroads in its efforts to curb poverty, the World Bank (WB) said in its East Asia and Pacific Economic Update October issue.

    “After many years of slow poverty reduction, poverty incidence among the population declined by 3 percentage points between 2012 and 2013 to 24.9 percent, lifting 2.5 million Filipinos out of poverty,” the WB noted.

    “This significant reduction in poverty in 2013 came after many years of weak poverty reduction,” it said, adding that average annual poverty reduction between 2006 and 2012 was only at 0.2 percent.

    The agency expected that rapid poverty reduction will continue after the country was able to generate more than a million jobs in July this year.

    It said the Philippines will have to invest in infrastructure and social services in its efforts to address poverty.

    “In the medium term, growth can be sustained and made more inclusive by pursuing structural reforms and investing more in human and physical capital. Key structural reforms include protecting property rights, promoting more competition and simplifying regulations,” the bank added.

    “These reforms can help the country become more competitive, and in the process create more and better jobs and accelerate poverty reduction. With further economic reforms, especially in areas that would have more impact on the lives of the poor, the government can help put the country on an irreversible path of inclusive growth and meet the jobs challenge,” it said.

    The Aquino administration has rolled out plans and projects to achieve its goal of inclusive growth.

    PNA

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    3 Comments

    1. Lets hope that World Bank President Mr Zoellick would not be deceived by this administration self-proclaimed reform . Many resourceful Filipinos advanced themselves on their own without any single help from this corrupt administration and those OFW should get credit for the poverty alleviation and improved economy ,not this administration, period.

    2. Rosauro Feliciano on

      This poverty reduction effort had not been able to be done by many past administrations but only by this incumbent administration, and yet not one of our own kinds is having a sense of gratefulness for what this incumbent government administration is doing to uplift our miserable conditions. It takes the World Bank to let us know that over two millions of our fellow Filipinos have made inroad efforts to curb poverty. There are many irresponsible comments against the very person who devotes his times and efforts to help us solve our monumental problems, as for example acute traffic problems where no one had even care to pay attention but only now.