The World Bank report found that the Philippines’ middle class population has expanded to nearly 12 million people, while the “economically secure” has risen to 44 million.
MANILA, Philippines – High economic growth and job expansion have resulted in significant poverty reduction in the Philippines, yet an elite few continue to hold a bulk of national wealth, findings of a World Bank report showed.
This was driven by high growth rates and job opportunities outside agriculture resulting in poverty falling by two-thirds – from 49.2% in 1985 to 16.7% in 2018. However, the same study found that the top 1% earners together capture 17% of national income, with only 14% being shared by the bottom 50%.
The Philippines’ Gini coefficient – which measures economic inequality within a nation – stood at 42.3% in 2018, one of the highest in East Asia. Studies also found that the Philippines is “struggling with deeply rooted inequality, shaped by the sociopolitical environment.”free of poverty by 2040, but we know from global experience that no country has managed to make this transition while maintaining high levels of inequality,” said Ndiamé Diop, World Bank country director.
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