Marcos admin targets single-digit poverty by 2028

The government remains committed to advancing inclusive and sustained economic growth despite global headwinds, a senior economic planning official said Thursday.

Speaking during a briefing in Mandaluyong City, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio Balisacan said the Marcos administration had made significant progress in strengthening macroeconomic fundamentals since 2023, but more work remains to be done.

From 2023 to the first quarter of 2025, the Philippines remained among Asia’s fastest-growing economies, Balisacan said. Unemployment fell below pre-pandemic levels, and underemployment also declined in 2023 and 2024.

Poverty incidence dropped to 15.5 percent in 2023, lifting an estimated 2.4 million Filipinos above the poverty line. Inflation also eased, falling from a peak of 8.7 percent in January 2023 to 1.4 percent in June 2025.

According to Balisacan, the Philippines is now close to achieving upper-middle-income status.

"In the World Bank’s estimates of GNI per capita for 2024, we were short of just 26 dollars to become an upper-middle-income country," he said.

Despite these gains, Balisacan acknowledged that many development goals remain unmet.

“As the President rightly pointed out, improvements in our economic indicators mean little if they do not translate into better lives for the ordinary Filipino,” he said. “While we have made meaningful progress, the second half of the administration will be crucial in addressing persistent challenges and accelerating service delivery, especially in areas that matter most to our people.”

From 2025 to 2028, the administration will focus on promoting economic diversification, strengthening competitiveness and innovation, and reducing poverty to single-digit levels, Balisacan added.

“Transformation for all requires transformation by all,” he said, emphasizing the need for closer coordination among national and local governments, legislative and executive branches, and collaboration with the private sector and development partners.