World Bank: Philippines can end poverty within a generation | Inquirer Business

World Bank: Philippines can end poverty within a generation

/ 06:20 PM January 14, 2015

Pedetrians walk past houses in a shantytown in Manila on July 5, 2013. The government has conceded that the Philippines will miss its 2015 Millennium Development Goal on poverty reduction.  AFP PHOTO/Jay DIRECTO

 AFP PHOTO/Jay DIRECTO

MANILA, Philippines – The World Bank says the Philippines can eliminate poverty within a generation as sustained economic growth in recent years has translated into more jobs and higher incomes.

The bank said in a report Wednesday that more than a million jobs were created between October last year and October 2013, pulling unemployment down to a 10-year low of 6 percent.

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Real incomes of the bottom 20 percent of Filipinos grew much faster than the rest of the population and unemployment among the poor dropped.

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The bank forecasts the economy will expand 6.5 percent this year, slightly down its earlier forecast of 6.7 percent.

It said sustaining such high growth and accelerating reforms can lead to massive cuts in poverty and to wealth being shared by more people.

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TAGS: Business, economy, News, Poverty, World Bank

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