In this article, you will know
about the Poverty in the Philippines 2024: What are the Current Poverty Stats
in the Philippines In 2024? Poverty always remains a challenge, the
Philippines’ poverty rate dropped to 22.4$ per million people, and in the first
half of the year 2023, the Federal Government statistics agency had statistics
at 23.7 percent. More than 110 million people are bracing for the poverty
challenges in 2024 which were impacted due to weather phenomena, and rapid
increases in the inflation rates. To know about Poverty in the Philippines in
2024, current stats, and more, continue browsing this article.
Poverty in the Philippines 2024
Economic growth continues to boom
and bust cycle with some recent changes in the moderate economic expansion
which had been impacted by poverty. Poverty is across the income bracket,
sectors, and regions, with these it is also unmanaged by the rising population
that has been considered as the key factor in poverty.
Poverty in the Philippines is
considered with certain factors that have been responsible for the increase in
Philippine poverty. Those factors include the low to moderate economic growth
from the past 40 years that has been elastic the poverty reduction, and
weakness in the employment generation through which there is a failure in the
full development in qualify of jobs in each factor.
The rising inflation with the
economic crisis period and levels of high and constant levels of inequality
which are based on their income and assets have been exhausting with positive
impacts on the economic expansion. Federal analysts have predicted that the
Philippines will be facing major challenges in the year 2024. These challenges
will be intent to the country’s Gross Domestic Product which has been targeted
with a narrowed 6.5 to 7.5$ from the prior range of 6.5 to 8%.
In the Philippines around 18.1
percent of the population lives under the national poverty line that is the
proportion of the employed population under the $1.90 power parity a day which
was 2.2% in 2022. The Poverty in the Philippines is the proportion of the
population that lives below the national poverty line is 18.1%, and under
mortality rate was 26 per 1000 live births in 2021. Along with this, the 2.2%
proportion of the employed population was under $1.90 PPP a day.
The new year 2024, is
contemporary with the new begins that have been figured with the past facing
challenges that are outlook at the future. Poverty in the Philippines
represents the people who are assumed to the traditional look back and engage
in a fresh start. The last survey of federal Social Weather Stations has
revealed an improvement in life within the 12 months.
What are the Current Poverty Stats in the Philippines In 2024?
In Dec 2023, the Poverty in the
Philippines was deemed at 22.4%, which is still the target of 9% in 2028 set by
the leading President Ferdinand R. Marcos. The Federal World Bank has projected
the poverty rate with a fall of 17.8% in 2021 to 13.7 percent in 2023, and
10.70 percent in 2024. The official poverty methodology in the Philippines uses
pretax income to measure the current poverty stats through household welfare.
Poverty is a state with a lack of
individual income that is reliable enough to meet basic personal requirements
which are shelter with food, clothing, and other necessary requirements.
Poverty is a wide term that causes the amount of fresh Government policies with
the ongoing conflicts. Along with the increase in poverty, the Philippines
economy has also shown a strong recovery with COVID-19 and GDP growth with a
strengthening pace of 5.9% in the third quarter of the year 2023.
Poverty is also the leading
headline due to rising inflation that are reforms to accelerate economic growth
with ramped efforts to rising inflation. Poverty in the Philippines is also
intervened with the targeted programs, allowance, and the federal living
savings program that helps low and moderate-income households mitigate the
unfavorable effects of inflation. To control poverty Federal government takes
some critical measures to control poverty.
In Jan 2024, Philippine poverty was targeted from the range of 6.5 – 7.5% which accounted for the dry impact on the economy.