NEDA Expects Continued Poverty Reduction

Poverty incidence in the country is expected to continue to go down following improvements in the labor market performance and lower inflation last year, according to the National Economic and Development Authority.

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"With the robust labor market performance and inflation deceleration in 2024, we expect to see further poverty reduction when the new poverty data becomes available," NEDA Secretary Arsenio Balisacan said during the presentation of the 2024 Philippine Development Report (PDR) to the NEDA Board chaired by President Marcos.

The PDR provides a comprehensive overview of the government's progress in implementing the President's eight-point socioeconomic agenda.

In 2023, poverty among Filipinos dropped to 15.5 percent from 18.1 percent in 2021. This translates to approximately 2.4 million Filipinos lifted above the poverty line.

Under the Philippine Development Plan, the government is aiming to reduce poverty incidence to a range of 12.9 to 13.2 percent this year.

Balisacan's outlook on poverty incidence is fueled by the gains in the labor market and the lower inflation last year.

In particular, the country's unemployment rate averaged 4.3 percent last year, surpassing the government's target range of 4.4 to 4.7 percent.