Pandemic Pushes More Pinoy into Poverty
Pandemic – After the COVID19 virus struck the Philippines in 2020, millions of Filipinos found themselves in poverty compared to three years prior.
Lockdown was established after the virus spread throughout the nation, forcing a number of business establishments to close.
Millions of Filipinos lost their jobs, and some businesses even declared bankruptcy, which increased the unemployment rate and the proportion of people who consider themselves to be poor in the country.
As a result, the gains made in reducing poverty in the nation prior to the virus’s attack have been completely affected, which took how many years to accomplish.
The Philippine Star reports, that a study of 163, 029 families nationwide found that 19.19 million Filipinos lived below the poverty line in 2021, compared to the 17.67 million who were counted in 2018. The Philippines Statistics Authority reported on Monday. The country’s poverty rate is calculated over a three-year period.
According to the survey’s findings, 18.1% of the nation’s population would be living in poverty in 2021, up from 16.6% in 2018.
The data shows that in 2022, the final year of a six-year term, the Duterte administration failed to achieve its goal of reducing poverty.
Photo taken from Bank Blogs – World Bank Group
To make the Philippines an upper-middle income economy, the Duterte administration wants to reduce poverty in the nation by 13–14%.
According to a report, the proportion of poor Filipinos declined from 22% in 2015 to 12% in 2018, resulting in progress toward the country’s goal of lowering its poverty rate.
When the pandemic hit the nation, this gained ground was lost, hence this goal was only temporarily accomplished. Accordingly, the previous administration was forced to lower the target at that time from the initial prediction to 15.5% – 17.5% poverty rate in 2022.
On the other hand, the current Marcos government wanted to reduce the poverty rate by 9% before he exit in the presidency in 2028.
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