The Administration of President Marcos has renewed its commitment to further bring down the poverty rate in the country as it welcomed reports of a decline in poverty incidence in the first semester of the year.

The Presidential Communications Office (PCO) said this after the Philippine Statistics Authority (PSA) report showed that poverty incidence among families declined to 16.4 percent in the first semester of 2023 from 18 percent in the same period of 2021, equivalent to 230,000 households escaping poverty.

Socioeconomic Planning Secretary Arsenio Balisacan said the decision to fully open the economy and lift all Covid-19 restrictions in the country starting in 2022 allowed the nation to recover from the impact of the pandemic and the government's responses to the crisis.

"Notably, in the first three quarters of 2023, the Philippines demonstrated remarkable resilience amid all challenges, with the Gross Domestic Product (GDP) growth rate averaging at 5.5 percent, placing us among the best-performing economies in Asia," he said.

The most recent labor force statistics also show continued improvement in labor market conditions, with the unemployment rate dropping to 4.2 percent in October 2023 from 4.5 percent in October 2022 and the underemployment rate to 11.7 percent from 14.2 percent in the same period.

According to Balisacan, government interventions such as the Targeted Cash Transfer Program, fuel subsidies, one-time rice allowances, and the Libreng Sakay Program helped mitigate the adverse effects of inflation on poor households.

He said that the administration will ensure the effective implementation of various initiatives and interventions in the social sector to reduce poverty at both the national and regional levels.

These include the effective implementation of the new Social Protection Floor that institutionalizes basic social security guarantees, the passage of the Trabaho Para sa Bayan Act and the Pambansang Pabahay para sa Pilipino Program, as well as the establishment of the Walang Gutom 2027 Food Stamp Program.

"The Marcos Administration remains focused on its priority to substantially reduce poverty to a single-digit level," he said.

“With our priorities in check, we remain committed to achieving our AmBisyon of a matatag, maginhawa, at panatag na buhay para sa lahat, where no one is poor and no Filipino is left behind.”

This will be achieved by continuing initiatives that prioritize creating high-quality and high-paying jobs to address the rising issue of vulnerable employment, ensuring that the country's macroeconomic fundamentals are sound to sustain growth in the medium and long term, and by facilitating policy initiatives to create an enabling environment for investments, trade, and innovation.