“Our target is by the end of President Marcos’ term, poverty incidence will be down to a single digit, 9%,” Diokno said, pointing out that the poverty rate was at 25% during the Duterte administration’s first year in office.
The administration is looking to end President Ferdinand Marcos Jr.'s term with a single-digit poverty rate and a healthy debt-to-GDP ratio of 60%, his chief economic manager Finance Secretary Benjamin Diokno has said.He said the Department of Finance had submitted to Marcos its medium-term fiscal framework for 2023 to 2028
As of the first half of 2021, poverty rate was at 23.7%, higher than the 21.1% recorded in the same period in 2018.Diokno admitted that the COVID-19 pandemic caused a “slight backsliding” in the previous administration’s goal of bringing down the poverty rate. As of the first quarter of 2022, the government debt-to-GDP ratio — the amount of the state’s debt relative to the size of the economy — stood at 63.5%, its highest in 17 years and well over the internationally recommended threshold of 60% of the economy.
Diokno said the Philippines’ GDP growth will be the highest growth rate for the next two years among ASEA Plus 3 countries — comprising 10 ASEAN-member states plus Japan, South Korea, and China.The Marcos administration’s GDPare lower than the previous government’s goal of 7% to 8% for this year, but are more ambitious than the Duterte economic managers’ expectation of 6% to 7% for 2023 to 2025.
Data from the Department of Budget and Management show that in 2021 infrastructure disbursements reached P1.12 trillion, equivalent to 5.8% of GDP.
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