The Philippines has made notable progress in poverty reduction from 2021 to 2023, marking a significant step toward its goal of achieving a single-digit poverty rate by 2028, according to the National Economic and Development Authority (NEDA).
The Philippine Statistics Authority’s 2023 Full Year Official Poverty Statistics, released on July 22, show a drop in poverty incidence from 18.1% in 2021 to 15.5% in 2023, translating to 2.45 million fewer Filipinos living in poverty.
This surpasses the government’s 2023 target of 16.0-16.4% outlined in the Philippine Development Plan 2023-2028.
Family poverty incidence also decreased, from 13.2% in 2021 to 10.9% in 2023, reducing impoverished families from 3.5 million to 3.0 million.
The number of food-poor families fell from 1.04 million to 740,000, while food-poor individuals decreased from 6.55 million to 4.84 million.
“These encouraging figures underscore our unwavering commitment to implement effective policies and initiatives that uplift the lives of our countrymen,” said NEDA Secretary Arsenio M. Balisacan.
He emphasized the government’s efforts to ensure economic gains are felt by all Filipinos, rich and poor alike.
Despite high inflation in early 2023, the average per capita income increased by 17.9% from 2021 to 2023, outpacing the 15.3% rise in the poverty threshold.
The income growth for the poorest Filipinos was particularly significant, suggesting progressive economic growth.
Balisacan highlighted the importance of food security and agricultural productivity. “We must boost agricultural productivity; invest massively to improve our infrastructure and markets; effectively manage food prices through supply- and demand-side interventions; and strengthen targeted interventions to enhance health outcomes,” he said.
He also stressed the need for quality job creation and human capital development, alongside strengthening social safety nets through digital technologies to protect the poor and vulnerable from economic shocks.
The reduction in poverty and the attainment of the 2023 Gross National Income (GNI) per capita target under the Philippine Development Plan 2023-2028 indicate that the country is on the right path.
“With the right policies in place, and if we can accelerate our programs further, we can be confident that achieving a single-digit poverty rate by 2028 is within our reach,” Balisacan concluded.
