Marcos admin focused on achieving single-digit poverty rate -NEDA

The Marcos administration was focused on achieving a single-digit poverty rate, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said Friday.

The chief socio-economic planner made the statement after the Philippine Statistics Authority reported that the poverty rate in the country dropped to 22.4% in the first half of 2023.

“The Marcos Administration remains focused on its priority to substantially reduce poverty to a single-digit level,” Balisacan said in a statement released by the Presidential Communications Office (PCO).

“With our priorities in check, we remain committed to achieving our 'AmBisyon of a matatag, maginhawa, at panatag na buhay para sa lahat,' where no one is poor and no Filipino is left behind," he added.

According to Balisacan, the decision to fully open the economy and list restrictions imposed due to the COVID-19 pandemic has allowed the nation to recover from the combined impact of the pandemic and the government policy responses to the crisis.

“Notably, in the first three quarters of 2023, the Philippines demonstrated remarkable resilience amid all challenges, with the gross domestic product growth rate averaging at 5.5%, placing us among the best-performing economies in Asia,” Balisacan said.

Balisacan noted that the recent labor force statistics showed the unemployment rate dropped to 4.2% in October 2023 from 4.5% in October last year, while the underemployment rate fell to 11.7% from 14.2% in the same period.

The NEDA chief also said various government programs such as the Targeted Cash Transfer Program, fuel subsidy, one-time rice allowance, and the Libreng Sakay Program have helped in mitigating the adverse effects of inflation on poor Filipino households.

With this, Balisacan said the Marcos administration will ensure the effective implementation of government interventions in the social sector to reduce poverty at the national and regional levels.

Among the measures expected to help in achieving a lower poverty rate in the country are the new Social Protection Floor which institutionalizes basic social security guarantees, the Trabaho Para sa Bayan Act, the Pambansang Pabahay para sa Pilipino Program, and the Walang Gutom 2027 Food Stamp Program.

In his first State of the Nation Address, President Ferdinand "Bongbong" Marcos Jr. vowed to achieve a nine percent or single-digit poverty rate by the end of his term in 2028. — DVM, GMA Integrated News