The Filipino government has announced a plan to spend more oninfrastructure and introduce other reforms to lift millions out ofpoverty.
The revised development plan sets more ambitiouseconomic goals to address persistent concerns that poor Filipinos arenot enjoying the benefits of the country's economic growth, one of thehighest in Asia.
Under the revised plan, the economy isprojected to grow by 7.5 to 8.5 percent annually by 2016, compared tothe original target of 7.6 percent set in 2010 when President BenignoAquino 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 infrastructurespending to five percent of the gross domestic product by 2016, comparedto the 2013 level of less than three percent.
The country haslong been criticized for its crumbling infrastructure, whichbusinesspeople and economists said is one of the biggest obstacles togrowth in many regions while discouraging investors.-VNA
The revised development plan sets more ambitiouseconomic goals to address persistent concerns that poor Filipinos arenot enjoying the benefits of the country's economic growth, one of thehighest in Asia.
Under the revised plan, the economy isprojected to grow by 7.5 to 8.5 percent annually by 2016, compared tothe original target of 7.6 percent set in 2010 when President BenignoAquino 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 infrastructurespending to five percent of the gross domestic product by 2016, comparedto the 2013 level of less than three percent.
The country haslong been criticized for its crumbling infrastructure, whichbusinesspeople and economists said is one of the biggest obstacles togrowth in many regions while discouraging investors.-VNA
