Yolanda could shrink PH middle class, says gov't

Posted at Nov 18 2013 01:19 PM | Updated as of Nov 18 2013 09:19 PM

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MANILA , Philippines - The National Economic and Development Authority says the latest disaster could drive more Filipinos below the poverty line or those living on less than $1.25 a day.

NEDA Director General Arsenio Balisacan says cutting the poverty rate to 16.6 percent by 2015 to meet global goals set by the United Nations has become even more difficult.

Under the Millennium Development Goals, the Philippines should cut poverty by half from the 33 percent reported in the 1990s.

It is now reduced to 27.9 percent as the robust economy creates more middle-income earners.

But Balisacan says with Yolanda destroying businesses and income sources, the population of the middle class could shrink.

ANC Dateline Philippines, November 18, 2013