The National Economic and Development Authority (NEDA) projects continued poverty reduction in the Philippines due to strong labor market performance and lower inflation in 2024.
Poverty incidence dropped to 15.5% in 2023 from 18.1% in 2021, lifting about 2.4 million Filipinos above the poverty line.
NEDA aims to reduce poverty to 12.9-13.2% this year, with a target unemployment rate below 5.1%.
Inflation averaged 3.2% in 2024, well within the government’s target, with food inflation slowing to 4.5%.
Despite these gains, NEDA remains vigilant about external risks while aiming for 6-8% economic growth in 2025.
Source: PhilNews24 | January 26, 2025
