The Philippine economy must post an average annual growth rate of 6.7 percent for the per capita income to increase by two-fold after 15 years, National Economic and Development Authority (NEDA) director general Arsenio Balisacan said.
Balisacan said during the Philippines Inclusive Business Forum organized by the Asian Development Bank that one of the reasons poverty reduction has been slow and lagging is because the country has not experienced sustained and high growth over a long period.
(Observers asked for comment were one in saying “don’t we know that”)
“For instance, if we want real per capita incomes to increase two-fold in 15 years, then we must grow by 6.7 percent annually, during that period” Balisacan said.
According to the 2009 Family Income and Expenditure Survey, the country’s per capita income for all income groups is P43,538.