The poverty rate in the Philippines declined to 15.5% last year from 18.1% in 2021, despite the impact of rising food prices, according to the Philippine Statistics Authority (PSA). The agency reported that 17.54 million people were living below the poverty line, a reduction of 2.4 million from the previous survey.

The PSA defines "poor" as individuals whose incomes are insufficient to cover basic food and non-food needs. The government has set a goal to reduce the poverty rate to 9% by the end of President Ferdinand Marcos Jr.'s term in 2028.

National Statistician Dennis Mapa noted that the reduction in poverty could have been more significant if food inflation had been lower. Last year, the average inflation rate was 6.0%, significantly above the central bank's target range of 2% to 4%.

The PSA conducts its family income and expenses survey biennially, interviewing over 160,000 families to assess poverty and income trends.