Economic inequality in the Philippines

Although it has made progress in reducing poverty, the Philippines still has one of the highest rates of
economic inequality in East Asia, which the World Bank suggested might be reduced with the help of
policies that support resilience and equal access to opportunities. According to the World Bank, the
Philippines has significantly reduced poverty. From 49.2 percent in 1985, the poverty rate decreased to
16.7 percent in 2018. The changes in income Gini index is 42.3%, which indicates that income inequality
is still very high.

Comparison of the current economic inequality between the Philippines and other countries

Poverty can have much more severe economic effects than just making it harder for families to live.
Social and economic inequality are major issues in the Philippines, which has 92.3 million citizens, more
than a quarter of whom live in poverty. The Philippines has some of the highest income inequality in the
world, and unless something is done to close the gap, it will only develop. Contrarily, research indicates
that the rise in income inequality in some nations is primarily the result of domestic economic policies
such anti-poverty fiscal policies, workforce, and product economic restrictions, as well as economic
development, globalization, and commodity price cycles.

Assessment

The Philippines reportedly has one of the highest rates of economic inequality in all of East Asia, which is
quite concerning. According to a Philstar news article that was posted online on November 25, 2022.
This news makes me feel inhumane due to the obvious persistent nature of the Filipino real issue. Poor
generation mobility and opportunity inequality waste developmental capabilities and hinder
development, all of which are key to growing a successful and strong economy that would raise the
standard of life for all Filipinos. Everyone people would feel protected, acknowledged, and connected if
the government and other organizations didn't simply ignore those with the potential to have it or
perhaps created an equitable and inclusive environment.
 References

Philippines income inequality among highest in East Asia – World Bank

https://www.philstar.com/business/2022/11/25/2226221/philippines-income-inequality-among-

highest-east-asia-world-bank

PHILIPPINES: Reducing Inequality Key to Becoming a Middle-Class Society Free of Poverty

https://www.worldbank.org/en/news/press-release/2022/11/24/ph-reducing-inequality-key-to-

becoming-a-middle-class-society-free-of poverty#:~:text=Yet%20inequality%20remains%20high

%3A%20the,income%20inequality%20in%20East%20Asia.