Reuters quoted a government official in a report on December 17 that the lockdown measures caused by the Covid-19 pandemic resulted in fewer jobs and reduced domestic demand. Nearly 4 million people in the Philippines fell into poverty in the first half of 2021. . Officials said that the incidence of poverty in the Philippines rose from 21.1% in the same period in 2018 to 23.7% in the first half of this year, which means that 3.9 million Filipinos are living in poverty. This is a setback of the Philippines’ poverty reduction efforts in the past, and it’s back to…
In the first half of 2021, the lockdown measures caused by the Covid-19 pandemic reduced jobs and reduced domestic demand. Nearly 4 million people in the Philippines fell into poverty. Reuters Quoting what a government official said in a report on December 17.
Officials said that the incidence of poverty in the Philippines rose from 21.1% in the same period in 2018 to 23.7% in the first half of this year, which means that 3.9 million Filipinos are living in poverty. This is a setback of the Philippines’ past poverty reduction efforts, and it is now back to 2015 levels.
“The COVID-19 pandemic temporarily prevented our progress. In 2020, people’s income and work will be severely affected by strict quarantine,” Economic Planning Minister Karl Kendrick Chua said at a media briefing. , He was referring to blockade measures.
Poverty line for a family: 240 USD per month
In the first six months of 2021, the monthly poverty line for a family of five in the Philippines is 12,082 pesos (240 US dollars).
The Philippine economy was one of the fastest-growing economies in Asia before the coronavirus hit. It contracted by a record 9.6% last year, due to the lockdown caused by the pandemic that caused business closures and curbed household consumption, which was the main driver of growth. force.
With 2.84 million Covid-19 cases and more than 50,000 deaths, the Philippines is one of the worst-hit countries in Asia. But the new cases have fallen off the peak, and the vaccination rate has risen, so restrictions can be relaxed.
The situation is getting better
Therefore, as the situation gradually improves, there seems to be light at the end of the tunnel. More companies reopened and more people returned to work. The unemployment rate fell from 8.9% in September to 7.4% in October, and the third quarter grew faster than expected 7.1%.
“As we further relax restrictions and increase vaccination rates, the growth in the second half of 2021 will be stronger, and we can expect the incidence of poverty to decline,” Cai said.
