World Bank: PH to miss 2028 single-digit poverty goal

MANILA, Philippines – The Philippines is unlikely to meet its target poverty rate of 8.8 percent to 9 percent by 2028, with nearly 28 percent of Filipinos still vulnerable to poverty, the World Bank said on Thursday.

“As of this moment, we’re not projecting poverty to fall to single-digit levels by 2028, based on what we’ve seen so far,” said Liliana Sousa, senior economist at the World Bank, during a briefing.

READ: PIDS: Despite PH economic gains, millions still vulnerable to poverty

Still, the Washington-based lender said poverty could decline to as low as 2.9 percent by 2040 if the government successfully combines policies that accelerate economic growth with measures that generate more and better jobs.

Under a business-as-usual scenario, however, the poverty rate is projected to decline more gradually to around 6 percent by 2040.

“Progress in the Philippines is real, but many families sit just above the poverty line, and a single shock can push them back,” Sousa said.

“That is why reform must work on two tracks simultaneously: faster income growth through better jobs for those at the bottom, and a resilience framework strong enough to protect the gains already made, combining robust social protection, expanded insurance coverage, and more effective local public spending,” she added. /pai INQ