THE premium or tax that poor Filipinos pay due to their limited financial resources is a direct result of decades-worth of “low, irregular, and uncertain incomes,” according to Ibon Foundation Inc. Ibon Foundation Executive Director Sonny Africa told BusinessMirror that the majority or around 70 to 80 percent of poor…
Houses of informal settlers line an estero on Recto Avenue area in Manila, as towering condominium buildings are seen in the background. The Philippine Statistics Authority reported there were 19.99 million Filipinos who were considered poor, translating to a poverty incidence rate of 18.1 percent. The government, however, is confident it can achieve its overall target of a 9-percent poverty incidence by 2028.
“The premature opening up of the economy without the corresponding domestic support has prevented agriculture from modernizing and Filipino industry from developing. If these sectors were developed then there would be much more formal work with regular pay, benefits and tenure than at present,” he added.
“The service- and overseas Filipino work-dominated economy has instead resulted in undue self-employment and other openly informal work which now accounts for nearly half of total employment,” Africa told this newspaper. In order to remedy this, Africa said the government should “revisit clearly inadequate policies to transform the economic structure to produce more and better work.”
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