Connect with us

Hi, what are you looking for?


Gov’t hopes to achieve key development goals by 2022

THE GOVERNMENT’S goal to bring down poverty rate to 14% and lift the economy’s status to the upper-middle income group next year can still be achieved despite the impact of the pandemic, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said.

Mr. Chua, who also heads the National Economic and Development Authority (NEDA), said these key development goals, which the Duterte administration adopted in 2016, will be kept in the updated Philippine Development Plan (PDP) 2017-2022.

“[These goals can still be achieved since] we had advanced progress for both in 2018 and 2020 before the pandemic,” he told BusinessWorld.

Under the PDP, the government aimed to reduce the poverty rate to 14% and to become an upper-middle income economy by 2022.

The coronavirus disease 2019 (COVID-19) pandemic reversed the country’s gains in poverty reduction, with the World Bank estimating 2.7 million more Filipinos have slipped into poverty (living below $3.2 a day) last year due to job losses and lower incomes.

Latest data showed poverty incidence — the proportion of Filipinos whose incomes were below the poverty threshold — declined to 16.7% in 2018 from the revised 23.5% in 2015, or equivalent to 5.9 million Filipinos lifted out of poverty.

The pandemic also derailed the Philippines’ goal to become an upper-middle economy by 2020. Latest World Bank data showed the Philippines remained as a lower-middle income economy with a gross national income (GNI) per capita of $3,850 in 2019, edging up from 2018’s $3,170.

The country’s GNI relative to its population will have to hit the $4,046-$12,535 income bracket to reach upper-middle income status.

The NEDA board, chaired by President Rodrigo R. Duterte, on Jan. 7 approved the country’s revised medium-term economic development blueprint. The full report will be launched on Feb. 4. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Keisha B. Ta-asan, Reporter THE NATIONAL Government’s (NG) outstanding debt hit a record-high P13.75 trillion as of end-February as domestic borrowings increased, the...


STATE SPENDING on infrastructure rose by 13.4% in 2022, as the government ramped up public works and transportation-related projects. According to the Department of...


BUSINESSES NOW have a more optimistic economic outlook this year, amid a return to pre-pandemic normalcy and increased consumer demand, a survey by the...


SEVERAL former government officials are opposing the plan to merge Landbank of the Philippines (LANDBANK) with the Development Bank of the Philippines (DBP), saying...


MONDE NISSIN CORP. suffered a net loss of P13.03 billion in 2022, a reversal of its P3.12-billion net income a year earlier, due to...


MGEN RENEWABLE Energy, Inc. (MGreen) is keen to expand its 68-megawatt-alternating current (MWac) solar plant project with Vena Energy in Ilocos Norte. “This is...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.