NSCB: Poverty Worsens bet. 2003 & 2006

[chua_riwap]

Sabi ng gobyerno natin, umaangat ang Phil. economy. Bakit ganito? Kelan natin mararamdaman yung "angat" ng economy natin?


ABS-CBNNews.com
5 Mar 2008

It's official: Poverty worsened from 2003 to 2006, and the Arroyo administration will almost definitely not achieve its poverty reduction target under its medium-term development plan.

In a press conference Wednesay, government officials disclosed that poverty incidence increased by 2.5%, from 24.4% in 2003 to 26.9% in 2006.

In 2003, 24 out of 100 families in the Philippines were poor; in 2006, 27 out of 100 families were poor.

Those considered poor are Filipino families of five individuals whose monthly incomes were below P6,274 in 2006.

The actual number of poor Filipino families went up by 16%, from 4 million in 2003 to 4.7 million in 2006.

The actual number of poor Filipinos increased from 23.8 million in 2003 to 27.6 million in 2006, or a 3.8 million increase in the number of poor people. National Economic and Development Authority (NEDA) Director-General Augusto Santos said he informed President Arroyo about this data Tuesday night through a text message. He also sent her a memorandum on the 2006 Official Poverty Statistics Wednesday morning. Asked what was Arroyo's response, Santos said: "I have not obtained a response from the President." Given the bleak poverty figures, the government will not likely meet its target to reduce poverty incidence from 28% in 2004 to between 17-19% in 2010.

[tidus1203]

Yes there is more prosperity as a whole but of course only few people took advantage of it. Increase in corporate profits, more jobs. The poor can't own a company (obviously they don't have the capital to begin with) and the jobs are for the more educated people (the poor didn't go to school or at least didn't finish tertiary education) so yes in numbers we did prosper but not everyone felt it.

[uls]

Coz there are people out there who can spot opportunities to make money better than others.

It takes a special breed of people... iba ang pananaw nila sa mundo... kahit saan sila magpunta... lahat ng nakikita nila... they see opportunity.

Sila ang umaasenso.

[tidus1203]

INFLATION has been my cornerstone in investing my money this year. IMO this is the single biggest enemy of the poor and middle class. Their incomes never rise or at least never rise as fast as inflation. The RP government says our inflation is 5.4% per annum pero I have always been skeptical of government statistics in general since they always skew stats to favor them.

The rich of course can protect themselves against this monster better.... So thats another reason I want to point out that INFLATION is one of the biggest reason people are getting poorer and poorer. Remember its not the amount of money you make its how much purchasing power you have....

[VtEC]

di na siguro maayos ang poverty problem na yan.mas madami and padami pa ang mga pobre sa mga middle class and sa mga super rich families.di kayang e equate yan nga kahit na sinong magaling sa statistics.kung skilled naman, maximized ang kakayanan pero hindi compensated.yan ang utak ng mga employer sa pinas.

[mayana]

Bangko Sentral ng Pilipinas reax:
[SIZE=2]That February inflation figure was expected due to higher prices of petroleum products and commodity prices.[/SIZE]

[uls]

Just look at global commodity prices... lahat all time high...

oil, grains, metals...

Now go to your local palengke and check the prices...

kaya dami naghihirap.

Kasalanan yan ng mga hedge funds.

[tidus1203]

Hedge Funds are there to make money so they go where the money goes so I wouldn't blame them. I would rather blame the central banks in there rather lax monetary policy. Credit has expanded and the supply of money has grown faster than the whatever the economy can churn. Our fiat money system is also to blame. Oil priced in Gold would be absolutely flat to a little bit up but priced in fiat money it has skyrocketed.

[uls]

yes i understand those hedge funds are out to make money.

They have moved tons of money away from stocks and bonds and moved the money into commodities... driving up the prices of food and fuel.

we can put the blame further upstream --- like the Fed lowering interest rates and pumping liquidity into the system... weakening the already weak dollar... making dollar denominated commodities cheap for speculators to buy.

haynako...

The sky is falling...

[Honda97]

actually, assuming all things are the same, GDP growth should mean a reduction in poverty. it's either the income distribution became more lopsided or the is something wrong with the statistics. both are highly probable.

[tidus1203]

Let me remind everyone that our GDP is composed of 60% consumer consumption. Now consumer consumption is never going to be wealth creation in any sense to those who consume. It increases the wealth of the seller (which are the big corporations owned by the rich) thats why the middle and poor class are transferring their wealth to the rich as they buy new cellphones, new TV's, new clothes, new etc.... What we need is capital creation. People should save (instead of spending like a drunken sailor without a care for tomorrow) so they have the capital to invest and reap from the GDP increase.

[uls]

masarap kasi ang feeling pag may bagong gamit e...

hehe

[pup2]

actually, assuming all things are the same, GDP growth should mean a reduction in poverty. it's either the income distribution became more lopsided or the is something wrong with the statistics. both are highly probable.

I agree. On top of that, pagka real (inflation-adjusted), per capita (per person) growth din naman wala pa din eh. What the admin should 'crow' about instead is that our DECLINE has LESSENED -- baka dun mag agree pa ako.

[CVT]

Let me remind everyone that our GDP is composed of 60% consumer consumption. Now consumer consumption is never going to be wealth creation in any sense to those who consume. It increases the wealth of the seller (which are the big corporations owned by the rich) thats why the middle and poor class are transferring their wealth to the rich as they buy new cellphones, new TV's, new clothes, new etc.... What we need is capital creation. People should save (instead of spending like a drunken sailor without a care for tomorrow) so they have the capital to invest and reap from the GDP increase.

Agree here bro.,- consumer spending is one of the main factors for keeping our economy alive (and afloat)... Kaya nga one of the schools of economics endorses more consumer spending (Reaganomics should be one of these variants) so that the market remains liquid even in tight economic situations....

But then again, there should be a balance between how much you spend and how much you save.... The underlying guidance is that you have to live within your means....

As for "saving your money and later investing it to reap from the GDP increase", I am sure a lot of our countrymen, including myself, will not have the capacity to invest because we can only save so much....

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