Answer:
MANILA, The Philippines — Prior to the outbreak of COVID-19, the Philippines was on track for both economic growth and a reduction in poverty levels. In the past five years, Filipino growth averaged around 6%, and it was expected to reach 7% this year. This would surpass the growth rates of China, India and Indonesia. Now, with COVID-19, the Philippines’ growth rate is expected to be around 3%. Poverty rates have declined with the growth in the economy. In 2012, 10.2% of the population lived below the $1.90 poverty line. In 2019, only 2.7% lived below the $1.90 poverty line. But, the Philippines’ poor have suffered during the pandemic. Furthermore, slowed economic growth could push more into poverty. The Filipino government has long promoted entrepreneurship as being a major vehicle for lifting people out of poverty. Here is how entrepreneurship in the Philippines may help tackle poverty.
