Philippines poverty rate in H1 2023 at 22.4%

The Philippines, a country of more than 110 million people, is bracing for a challenging 2024 due to the impact of El Nino weather phenomenon which could potentially derail the country's fight against inflation. - AFP

MANILA: The Philippines' poverty rate dropped to 22.4% or 25.24 million people in the first half of 2023, the government's statistics agency said on Friday, from 23.7% in the same period in 2021.

President Ferdinand Marcos Jr aims to bring down the poverty rate to 9% before his six-year term ends in 2028, by investing in infrastructure and courting foreign direct investment to create jobs and boost economic growth.