The Department of Finance (DOF) on Saturday said the Philippines is set to reduce the poverty rate below 10 percent.
During a Quezon City news forum, Finance Undersecretary Domini Velasquez said the government’s efforts to reduce poverty are also progressing, with the latest data showing a poverty rate of 15.5 percent.
According to her, this remains relatively high and officials remain optimistic the poverty rate could drop to single digits by the end of President Ferdinand Marcos Jr.’s administration.
“We’re on track to bring poverty down to below 10 percent,” Velasquez said.
Employment figures have also shown improvement, with the latest unemployment rate dropping to 3.1 percent, a significant decrease from the pre-pandemic rate of 5.1 percent in 2019. This suggests that more Filipinos are finding work, though underemployment remains at around 12 percent.
“When we look at it, the ones really rising here are investments and construction; actually, government spending is also going up because we’re pushing these Build Better More projects,” Velasquez said.
