Poverty in the Philippines

Topics: Unemployment, Inflation, Poverty Pages: 1 (283 words) Published: August 27, 2013
Poverty in the Philippines

1. Rapid population growth - Given that the population of the Philippines is increasing at a rapid rate of 2.36% per year, it can be translated as an increase of more than 5,000 people daily in a country that already has an increase of more than four million poor people since 1985.[5] In 1985, the absolute number of people living in poverty was 26.5 million. This increased to 30.4 million in 2000 and from 2006 to 2009, increased by almost 970,000 Filipinos from 22.2 million to 23.1 million.[4] As the Philippines has financially limited resources and a high poverty rate, the rapid increase in population has become a problem because there is insufficient resources to support the population, which leaves much fewer resources to improve the economy. From 2003 to 2006, even though the Philippines experienced above-average economic growth, the poverty incidence increased as a result of its population growth rate. 2. Unemployment - Poverty reduction has not kept up with GDP growth rates, largely due to the high unemployment rate, high inflation rate and wide income inequality. The official rate of unemployment for 2012 in the Philippines was 6.8 per cent.[7] This was an increase of joblessness even though in 2012, the GDP grew at 6.6 percent. From 2000 to 2009, the economy of Philippines grew by 3.2% on average annually, which was on par with the economic performance of its neighbors.[8] However, this recent growth did not translate into more jobs. Unemployment in the Philippines has been high in comparison to its neighbors, at around 7.5% to 8.0% since 2006. 3.
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