The Philippines has made significant gains in reducing poverty, but income inequality remains high with the super-rich capturing a substantial portion of the national income, multilateral lender World Bank said in its latest report.
In its report “Overcoming Poverty and Inequality in the Philippines: Past, Present, and Prospects for the Future” released Thursday, the World Bank said that poverty rate in the Philippines fell by two-thirds in the past three decades —from 49.2% in 1985 to 16.7% in 2018— “driven by high growth rates and the expansion of jobs outside agriculture.”
With an income Gini coefficient —a measure of distribution of income among the population—42.3% in 2018, “the Philippines had one of the highest rates of income inequality in East Asia,” it said. GMA News Online has reached out to the Office of the Press Secretary for its comments on the matter, but it has yet to reply as of posting time.
“Inequality shapes outcomes later in life, such as employment opportunities and income, which in turn influence how much support adult Filipinos are able to provide for their children to help maximize their potential,” said Nadia Belhaj Hassine Belghith, Senior Economist with the East Asia Poverty Global Practice covering Thailand and the Philippines who led the study.
Healing pandemic’s scars will require promoting greater vaccine booster uptake, overcoming the learning loss due to COVID-19, strengthening social assistance, unemployment insurance programs for the informal sector, and taming inflation, the World Bank said.
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