PSA: 17.5 MILLION FILIPINOS WERE POOR IN 2023

More than 17.5 million Filipinos can’t afford basic needs on 2023 according to the agency, fewer compared to year 2021 (Photo courtesy of ABS-CBN News)

The Philippine Statistics Authority (PSA) announced that almost 17.54 million were poor in 2023. In the Family Income and Expenditure Survey (FIES) of PSA, it shows that poverty decreased from 18.1% (19.99 million Filipinos) in 2021 to 15.5% (17.54 million Filipinos) in 2023.

“Poverty incidence is the proportion of Filipino families with incomes that are not sufficient to buy their minimum basic food and non-food needs as estimated by the poverty threshold. At individual level, 15.5%Filipinos or about 17.54 million Filipinos were poor in 2023,” the PSA said. 

The decrease was explained by the PSA as the mean per capita income increased by 17.9% to P85,290, surpassing the 15.3% growth in the poverty threshold to P33,296.

With a 25.3% increase to P24,954, the first decile class showed the largest growth in mean per capita income. The growth of the second decile class, which amounted to P36,716, was followed by the growth of the third decile class, which increased to P45,596 by 22.2%.

“The observed decline in poverty incidence from 2021 can be explained by the changes in the poverty threshold and income data from 2021 to 2023,” PSA stated.

The most recent results, as stated in the Philippine Development Plan 2023-2028, show not just an improvement but also exceed the government's target of 16.0% to 16.4% for 2023 according to the National Economic and Development Authority (NEDA).

“These encouraging figures underscore our unwavering commitment to implement effective policies and initiatives that uplift the lives of our countrymen,” NEDA Secretary Arsenio Balisacan said.

“As we welcome news of our progress, we remain steadfast in our efforts to ensure that our economic gains are truly felt by all Filipinos, rich and poor alike,” he added.

Balisacan also said that poverty reduction could have been faster if inflation had been more moderate. What is probably most heartening to discover is that mean per capita incomes for the poorest Filipinos, those belonging to the bottom deciles, climbed rather rapidly, quicker than those in the top decile classes and faster than the rate at which the poverty threshold grew.

Source: GMA Integrated News 

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