Thursday, November 21, 2019

Oct 22 19, 9:32 am

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77-year-old woman loses $14,000 to budol-budol gang

A 77-year old woman lost her savings of more than 10 years from a budol-bufol group. "Nagtataka ako sa sarili ko hindi naman ako napakabobo...nagpe-pray ako lagi na patawarin ko sarili ko," the woman told ABS-CBN News. She recounted that the scheme took 12 hours for...

NAIA employee returns $4,700 money found in food court

An honest employee at the Ninoy Aquino International Airport (NAIA) today returned an envelope with $4,700 or at least Php239,079. Emiline Herrera works as a food serve at Terminal 1 when she saw an envelope and thought that it's already a trash. "Akala ko po kalat...

Poverty rate in PH seen falling by 2020

by | News

Oct. 22, 19 | 9:32 am

World Bank estimates that the poverty rate is seen declining at 19.8 percent for 2020. Photo from the Philippine Institute for Development Studies website.

Starting 2020, poverty incidence in the Philippines is projected to fall below 20 percent. 

According to the World Bank, poverty rate is seen declining at 19.8 percent next year and 18.7 percent in 2021.
 
By the end of 2019, the poverty incidence rate is expected to be around 20.8 percent. 
 
This is more than five percent down from the 26 percent in 2015, more than four percent in 2016, more than three percent in 2017, and more than one percent in 2018.
 
The medium-term poverty projections were based on the lower middle-income poverty line of $3.20 (Php 163.78) per day. 
 
A report from the Macro Poverty Outlook for East Asia and the Pacific was released this week during the sidelines of the Washington-based lender’s annual meeting. 
 
The report also cited the contribution of the government’s conditional cash transfer program or the Pantawid Pamilyang Pilipino Program (4Ps). 
 
It said that the scheme helped “cushion the impact of negative shocks”. 
 
The declining trend of the poverty incidence was attributed to the continuous expansion of non-agriculture wage employment, rising real wage, the continuation of social programs, and stabilizing inflation. 
 
How will the Philippines continue this rate?
 
World Bank says the country needs to foster high-quality job creation and boosting human capital investment that would enhance the impact of economic growth on poverty reduction and shared prosperity. 
 
It also advise that targeted investments and supportive business regulations are needed in industries and sectors that generate high-quality jobs in order to increase the growth impact on poverty and inequality. 
 
For workforce to stay competitive in a fast-changing global work environment, the report said human capital investments in education and health must be fortified, including training and skills development. 
 
The latest poverty incidence figure is equivalent to 23.1 million poor Filipinos, which is more than five million down from the 28.8 million below the poverty threshold three years ago. 

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