The Marcos administration aims to lift more Filipinos above the poverty line by reducing the volume of poor individuals to 13.2 percent or lower this year, deflating by 2.3 percent from 2023.
“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,” said Arsenio M. Balisacan, the country’s chief socioeconomic planner.
At the height of the COVID-19 pandemic in 2021, nearly 20 out of every 100 Filipinos (18.1 percent) struggled to earn sufficient funds for basic needs like food, shelter, and clothing.
Poverty among Filipinos also subsided to 15.5 percent as the pandemic gradually exited the country in 2023. This drop translates to approximately 2.4 million Filipinos being lifted above poverty.
Alongside the lower poverty incidence target, the National Economic and Development Authority (NEDA) assured the public of continued efforts to achieve the wider growth target of six to eight percent this 2025.
It said in a statement that proactive measures will also be put in place to keep the consumer price increases stable or at a manageable level, meaning falling comfortably within the government target range of two to four percent.
“The generation of high-quality jobs will be prioritized to maintain an unemployment rate below 5.1 percent, as well as increase the proportion of wage and salaried workers,” NEDA further said.
‘No room for complacency’
NEDA said that although the country saw an improved economic growth, the “government should remain vigilant and proactive in addressing various socioeconomic priorities.”
“Last year, despite external and domestic challenges, the Philippine economy remained on a positive and robust growth trajectory. We have achieved many of our targets and delivered tangible results,” Balisacan emphasized.
Despite this, NEDA said it will “continue to be on the lookout for both external risks and opportunities and will seek to minimize adverse impacts to the economy.”
“We will remain vigilant and carefully place important measures to deal with social issues such as increasing adolescent pregnancies as well as shifting workplace preferences to protect and strengthen our labor force moving forward.”
It added that climate risks (particularly La Niña) and geopolitical tensions threaten food security and supply chains, while rapid advances in AI pose challenges across sectors.
To tackle these emerging threats, Balisacan promised to diversify growth sources, promote the adoption of new technologies, boost economic productivity, and foster collaboration with key stakeholders.