MANILA (AP) – The World Bank says the Philippines can eliminate poverty within a generation as sustained economic growth in recent years has translated into more jobs and higher incomes.
The bank said in a report Wednesday that more than a million jobs were created between October last year and October 2013, pulling unemployment down to a 10-year low of 6 per cent.
Real incomes of the bottom 20 per cent of Filipinos grew much faster than the rest of the population and unemployment among the poor dropped.
The bank forecasts the economy will expand 6.5 per cent this year, slightly down its earlier forecast of 6.7 per cent.
It said sustaining such high growth and accelerating reforms can lead to massive cuts in poverty and to wealth being shared by more people.