The Filipino government has announced a plan to spend more on infrastructure and introduce other reforms to lift millions out of poverty.
The revised development plan sets more ambitious economic goals to address persistent concerns that poor Filipinos are not enjoying the benefits of the country's economic growth, one of the highest in Asia.
Under the revised plan, the economy is projected to grow by 7.5 to 8.5 percent annually by 2016, compared to the original target of 7.6 percent set in 2010 when President Benigno Aquino took office.
The poverty rate will be reduced from 25.2 percent of the population in 2012 to 16.6 percent by 2016.
A major poverty-fighting measure is an increase in infrastructure spending to five percent of the gross domestic product by 2016, compared to the 2013 level of less than three percent.
The country has long been criticized for its crumbling infrastructure, which businesspeople and economists said is one of the biggest obstacles to growth in many regions while discouraging investors.-VNA
The revised development plan sets more ambitious economic goals to address persistent concerns that poor Filipinos are not enjoying the benefits of the country's economic growth, one of the highest in Asia.
Under the revised plan, the economy is projected to grow by 7.5 to 8.5 percent annually by 2016, compared to the original target of 7.6 percent set in 2010 when President Benigno Aquino took office.
The poverty rate will be reduced from 25.2 percent of the population in 2012 to 16.6 percent by 2016.
A major poverty-fighting measure is an increase in infrastructure spending to five percent of the gross domestic product by 2016, compared to the 2013 level of less than three percent.
The country has long been criticized for its crumbling infrastructure, which businesspeople and economists said is one of the biggest obstacles to growth in many regions while discouraging investors.-VNA
