NextGen Day

According to a recent survey, around 49% of Filipino families consider themselves to be poor, hence the Marcos government is taking steps to boost the economy and assist in bringing more Filipinos out of poverty.

Arsenio Balisacan, director general of the National Economic and Development Authority (NEDA) and secretary for socioeconomic planning claimed on Saturday that there had been an increase in inflation when the Social Weather Stations (SWS) polled 1,500 people from September 29 to October 2; as a result, there had been a 1% increase from the previous survey.

According to the study, 29% of people felt themselves to be “borderline” between being poor and not being poor, while 21% did not.

Given the period’s acceleration of inflation, particularly in food and transportation, Balisacan stated in a statement that “(results of the SWS survey) are) expected.” “Remember that external causes, such as supply shortages due to the Ukraine-Russian war, have contributed to inflation.”

He continued by saying that if the government had not continued to liberalize the economy and give targeted subsidies to low-income families, public utility drivers, farmers, and fishermen, the prevalence of poverty might have been higher.

In order to provide the Filipino people with a comfortable existence, Balisacan reaffirmed that the government is distributing cash help to the poor and vulnerable sectors quickly and expanding the nation’s food supply.

He stated, “we need to speed up financial support to the poor (and) most vulnerable people, executing timely food importation, and implementing our food production enhancement initiatives.”

Marcos met with his economic team on Tuesday to go through the policy directions for the remainder of 2022 until the first quarter of 2023 in order to control economic risks and deal with inflation.

The President assuaged worries about skyrocketing inflation on Tuesday by remarking that the Philippines’ overall outlook is still “better than other countries.”

The Philippines and its Asian neighbors, according to Balisacan, are not immune to inflation trends; he noted that key countries in Southeast Asia, including Thailand, Singapore, Indonesia, and Malaysia, have had their inflation rates rise over the past 12 months.

He stated that the inflation increase is only expected to last a short time until it slows down and returns to the medium-term target range of 2 percent to 4 percent.

The Philippines was predicted by the World Bank to grow by 5.8 percent in 2023, faster than Indonesia, Malaysia, and Thailand, and by 6.5 percent in 2022, second only to Vietnam among major Asean economies.

According to the Philippine Statistics Authority’s Family Income and Expenditure Survey’s preliminary findings, which were published in August, the population’s incidence of poverty—defined as the percentage of Filipinos whose per capita income is insufficient to cover their individual basic dietary and non-nutritional needs—was estimated to be 18.1%.

It means that 19.99 million Filipinos lived in poverty, defined as earning less than PHP12,030 per month for a family.

per five.

About 3.5 million families, or 13.2 percent of the approximately 110 million people in the country, were categorized as poor in 2021.

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