Poverty in the Philippines 2024: What are the Current Poverty Stats in the Philippines In 2024?

You will learn about Philippine Poverty in 2024 from this article: What are the Philippines’ current rates of poverty? 2024? The Philippines’ poverty rate decreased to 22.4 dollars per million people in the first half of 2023, according to data from the Federal Government statistics agency. Despite this progress, poverty is still a problem. Over 110 million individuals are preparing for the challenges of poverty that will arise in 2024 as a result of weather-related events and sharp increases in inflation rates. Continue reading this article to learn more about current statistics, poverty in the Philippines in 2024, and other related topics.

Poverty in the Philippines 2024

With some recent changes in the moderate economic expansion that had been impacted by poverty, the boom and bust cycle of economic growth continues. Poverty affects people in all income ranges, industries, and geographical areas. It is also unmanaged by population growth, which is thought to be the primary cause of poverty.

There exist certain factors that are thought to be accountable for the rise in poverty in the Philippines. These factors include the past 40 years of low to moderate economic growth, which has been elastic in reducing poverty, and the weakness in employment generation, which results in an incomplete development in the qualification of jobs in each factor.

Rising inflation during the economic crisis and persistently high levels of income- and asset-based inequality have been taxing the economy and having a positive effect on its growth. According to federal analysts, the Philippines is expected to confront significant challenges in 2024. These difficulties will have an impact on the nation’s GDP, which has a new target of 6.5 to 7.5$, down from the previous range of 6.5 to 8%.

The percentage of the working population in the Philippines who earn less than $1.90 power parity per day—2.2% in 2022—is approximately 18.1% of the country’s total population. In the Philippines, the under-death rate was 26 per 1000 live births in 2021, and the percentage of the population living below the national poverty line is 18.1%. In addition, 2.2% of those in employment earned less than $1.90 PPP per day.

The new year 2024 is in line with fresh starts that have been determined by obstacles that have been faced in the past and that have an impact on the future. In the Philippines, poverty is a metaphor for those who are thought to look back and make a fresh start. According to the most recent federal Social Weather Station survey, people’s lives have gotten better over the past year.

What are the Current Poverty Stats in the Philippines In 2024?

The Philippines’ poverty rate was estimated to be 22.4% in December 2023, which is still below the 9% goal set by outgoing President Ferdinand R. Marcos for 2028. According to Federal World Bank projections, the poverty rate is expected to decrease from 17.8% in 2021 to 13.7% in 2023 and 10.70% in 2024. Pretax income is used by the official poverty methodology in the Philippines to calculate the current household welfare poverty statistics.

A person is considered to be in poverty if they do not have a consistent source of income to cover their basic needs, such as clothing, food, and shelter. Because poverty is such a broad concept, there are always new government policies arising from the conflicts that persist. In addition to the rise in poverty, the Philippines’ economy has recovered well from COVID-19, with GDP growing at a faster rate of 5.9% in the third quarter of 2023.

Because of increased efforts to combat rising inflation and reforms aimed at accelerating economic growth, poverty is also the most prominent news story. Targeted programs, allowances, and the federal living savings program, which assist low- and moderate-income households in lessening the adverse effects of inflation, are further measures taken to combat poverty in the Philippines. The federal government implements a number of crucial policies to combat poverty.

The range of 6.5 to 7.5% was the target for Philippine poverty in January 2024, which explained the negative effects on the economy.