PH ranks 15th in World Bank's income inequality report | Inquirer News

PH ranks 15th in World Bank’s income inequality report

By: - Reporter / @JMangaluzINQ
/ 12:50 PM November 24, 2022
workers living wages

Workers at a medicine factory in the Philippines (AFP FILE PHOTO)

MANILA, Philippines — The Philippines ranked 15th out of 63 countries in income inequality, according to a World Bank report released on Thursday. 

The World Bank report said that the top 1% of Philippine earners captured 17% of the total national income, with 14% of the income being shared by the bottom 50%. 

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“With an income Gini coefficient of 42.3 percent in 2018, the Philippines ranks 15th of 63 countries for which data on income inequality is available. Of [East Asia and the Pacific] countries for which data are available for 2014-19, only in Thailand is income inequality greater than in the Philippines,” said the World Bank report.

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The World Bank attributed the inequality to “unequal opportunities, slow access to tertiary education among low-income households, inequality in returns to college education, and social norms putting the heavier burden of childcare on women”. 

In a statement, the World Bank said that the Philippines was still able to alleviate poverty from 49.2% in 1985 to 16.7% in 2018, but the problem of inequality still persists. 

“Inequality of opportunity and low mobility across generations wastes human potential and slow down innovation, which is crucial for building a competitive and prosperous economy that will, in turn, improve the well-being and quality of life of all Filipinos,” said Ndiamé Diop, the World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand. 

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TAGS: income, Philippines, World Bank
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