MANILA - The World Bank said Wednesday it was "crucial" for the Philippines to address underemployment to lift more people out of poverty faster.

The availability of more high-paying jobs, coupled with strong economic fundamentals, the country is "well-placed to speed up poverty reduction,” said World Bank senior economist Xubeil Luo.

"Many of the poor are working poor. It’s crucial to create more and better jobs that will require multiple actors, actions together," Luo told reporters.

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While poverty has declined, the World Bank estimates some 22 million Filipinos are poor, or roughly a quarter of the population. The poverty rate dropped 5 points to 21.6 percent in 2015 from 2006.

"These poor families most often live in rural areas with limited access to quality schools, health centers and safe drinking water, not to mention roads, and transportation that will help them bring their produce to market," Luo said.

Manila must improve the business environment to attract more investments and create jobs, she said.