More than half of Filipinos could become part of a secure middle class by 2040 if the country sustains reforms that boost productivity, create jobs and strengthen social protection, according to a new World Bank report released on Friday, 5 June at Ortigas City.
The report, titled “Building the Filipino Middle Class: Towards Resilient Futures and Poverty Eradication,” said the Philippines has the potential to significantly reduce poverty and expand economic opportunities while keeping inequality under control through a combination of growth-oriented and equity-focused policies.
The Poverty and Equity Assessment (PEA) examined poverty trends, labor regulations, public service delivery and fiscal policies to identify measures that can help improve living standards and strengthen economic resilience.
The World Bank said reforms that increase productivity and employment, coupled with targeted interventions for vulnerable sectors, would be critical in accelerating poverty reduction and expanding the middle-income population over the next 15 years.
Department of Economy, Planning and Development (DepDev) Secretary Arsenio M. Balisacan welcomed the findings, describing the report as a useful guide for evidence-based policymaking and for addressing challenges faced by Filipino households.
The launch was attended by World Bank officials led by Division Director for the Philippines, Malaysia and Brunei Zafer Mustafaoğlu, along with government officials, local government leaders, representatives from the business sector and members of the academe.
The study provides updated data and analysis intended to support government efforts to build a more inclusive economy and improve long-term economic security for Filipino families.