The government is keeping its target to bring down poverty incidence to 9 percent by 2028, Finance Secretary Ralp Recto said Monday.
Recto said in a speech marking his first 100 days in office the government is undertaking strategic growth-enhancing initiatives to achieve the most important number, “which is cutting poverty incidence to a single digit or 9 percent by the end of the President’s term in 2028.”
“This means lifting 14 million Filipinos out of poverty. We do not intend to fail in meeting this crucial target. As this is the key indicator that our growth has translated into real improvements in the lives of ordinary Filipinos through more and better jobs, higher levels of education, and healthier lives,” he said.
“The Marcos, Jr. administration is building an economy that will allow Filipinos’ many talents to blossom. It is an economy that all our people rightfully deserve, that results in comfortable lives, and that secures the future of the next generation of Filipinos. This is the promise of Bagong Pilipinas,” Recto said.
The Philippine Statistics Authority (PSA) said that poverty rate already declined to 22.4 percent in the first half of 2023 from 23.7 percent in the same period in 2021.
This was equivalent to 25.24 million Filipinos whose per capita income was not sufficient to meet their basic food and non-food needs, down from 2021’s estimate of 26.14 million poor Filipinos.
“The President has entrusted me with the monumental task of delivering an economy that is inclusive and sustainable––one that works for the betterment of every Filipino and the future generations to come. I therefore made it my priority to recalibrate our fiscal targets to make sure that strategic growth-enhancing fiscal consolidation is being pursued,” Recto said.
“My first 100 days in office already felt like a year but I am very fortunate to be surrounded by highly talented and competent individuals within the DOF who all help me ensure that we achieve genuine economic transformation for our people,” he said.
The Development Budget Coordination Committee (DBCC) economic managers recalibrated the government’s medium-term macroeconomic assumptions, fiscal program and growth targets for 2024 to 2028 to reflect both domestic and global developments.
“These are more realistic targets that respond more directly to the needs of the Filipino people,” Recto said.
The Philippine economy is expected to expand by 6 percent to 7 percent in 2024, 6.5 percent to 7.5 percent in 2025 and 6.5 percent to 8 percent from 2026 to 2028.