Boosting PH’s infrastructure program will help alleviate poverty
Strengthening the Philippines’ infrastructure program will allow the economy to grow more and, in turn, reduce the 23.7% poverty rate left by the COVID-19 pandemic.
According to Department of Finance Chief Economist Gil Beltran, there is a need to push for more growth-oriented spending after COVID-19 pushed more Filipinos into poverty over the past two years.
“During the next few years we need to push for more growth-oriented spending and of course, social spending is there, it’s required by law and we should continue doing those,” he stated.
The DOF official noted that the Marcos administration is planning to continue to push for infrastructure spending and social spending to ensure that the poverty rate would decline.
As part of its medium-term fiscal framework, President Marcos and his economic team are working to bring down poverty incidence to a record-low of nine percent by the end of his term in 2028.
“We believe that the only way we can grow is spending on health, education, and infrastructure. All those will continue to be supported by the government,” Beltran added.
Ateneo De Manila University economist and professor Leonardo Lanzona, for his part, said targeting the poor in depressed areas should be the main strategy of the government.
