6% economic growth good, but 8% needed to curb poverty

While a 6 percent economic growth rate is commendable, it is insufficient to reduce the Philippine poverty rate to single digits by 2028, according to economist Bernardo Villegas, known as the “Prophet of Boom.” He asserts that an 8 percent annual GDP growth is necessary to lower the poverty rate to 9 percent within the next four years. The poverty rate has decreased to 15.5 percent in 2023, down from 18.1 percent in 2021.