THE Philippines' poverty rate declined to 15.5 percent in 2023, down from 18.1 percent in 2021, said the Philippine Statistics Authority (PSA) on Monday, July 22, 2024, based on its Family Income and Expenditure Survey (FIES).
The survey indicated that 15.5 percent of Filipinos, or approximately 17.54 million people, were living in poverty last year.
Among families, the poverty rate fell to 10.9 percent, or around 3.0 million families, which is down from 13.2 percent in 2021.
In 2023, 2.7 percent of Filipino families, or about 740,000 families, did not have enough money to buy even basic food.
For the whole population, this means around 4.3 percent, or about 4.84 million people, were struggling to meet their food needs.
The figures also indicated that poverty levels have reverted to pre-pandemic levels.
The FIES data, which was gathered in the first and second half of 2023, covered earnings from salaries, business operations, and other sources such as cash gifts, rental income, and pension.
According to the PSA, the decline in poverty rates between 2021 and 2023 may be attributed to changes in the cost of living and income levels.
The poverty threshold, which includes the cost of essential food products, rose by 15.3 percent in 2023. However, the average income of families close to the poverty line also increased by 22.9 percent, exceeding the rise in the poverty line.
This led to a drop in poverty rates, with a 2.3 percentage point decrease among families and a 2.6 percentage point decrease among individuals in 2023. (Kenneth King Gonzales, UP Cebu intern)