In Manila’s bustling streets, a man guides his wooden cart through Laong Laan Street and Lacson Avenue, offering budget-friendly household items to support his family. Photo Credit: Roy Domingo
Society PhilippinesLess Poverty, Quicker Than Expected!
Through better labour market conditions and slower inflation, the Philippines is expected to reach a single-digit poverty incidence by 2026, two years ahead of schedule.
According to the World Bank, “the continuous improvement in the labor market and the easing of inflation will likely boost growth in household incomes. Poverty is expected to continue to decline.”
The latest Macro Poverty Outlook released by the World Bank states that this Southeast Asian country could see its poverty incidence decrease to 9.3% in 2026 from 12.2% this year and 17.8% in 2021. These numbers are based on the poverty line for lower-middle income countries established at $3.65 per day using the 2017 Purchasing Power Parity. The country’s reality will change once it has a tight labour market or an economic condition where “there are more job openings available compared to people looking for work,” as De La Salle University economist Maria Ella Oplas explained.
