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The Gap between Rich and Poor
Income inequality is rising
A quarter of a century ago the average disposable income of the richest 10 in OECD countries was around seven times that of the poorest 10%. Today, it is more than ten times higher.
Wealth inequality is even wider
When it comes to wealth (valuable assets and items over and above income), the gap is even wider. The poorest half of the global population owns just 1% of global wealth, while the richest 10% owns 89%.
The Philippines is a world laggard
The Philippines remains a world laggard in closing the gap between the rich and poor. A quarter of a century ago, the average disposable income of the richest 10% in the Philippines was around 15 times that of the poorest 10%. Today, it is more than 20 times higher.
Meager funding for social services is a major factor
One of the main reasons for the Philippines' high level of income inequality is its meager funding for social services. The country spends just 2.5% of its GDP on social protection, compared to an average of 13.5% in OECD countries.
This has a devastating impact on the poor
This lack of investment in social services has a devastating impact on the poor. They are more likely to live in poverty, have poor health and education, and be exposed to violence and crime.
The government needs to do more
The Philippine government needs to do more to address income inequality. This includes increasing funding for social services, raising the minimum wage, and implementing policies that promote job creation and economic growth.
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