Gap between rich and poor widening, says IMF director; lauds PH’s Conditional Cash Transfer program
ABS-CBNNews.com reports that the International Monetary Fund (IMF) unveiled its economic outlook for Asia-Pacific region in Manila earlier this week.
There’s a widening gab between the rich and the poor, says the International Monetary Fund (IMF) in its economic outlook for Asia-Pacific region. This is also what our telenovelas have been telling us all along.
ABS-CBNNews.com reports that the IMF lowered its growth projection for Asia to 6.3 percent. As for the Philippines, the IMF said it would be affected by the slowdown in exports but its economy will remain resilient. The report quoted IMF Director for Asia and the Pacific Anoop Singh said the impact of a global slowdown and the prospect of a global recession may cause protests to resonate in Asia.
The IMF said economic growth in Asia should be more inclusive. Singh said that "even with robust growth, the disparity between the rich and the poor in Asia continues to widen, a challenge that the Philippines is also facing."
In this light, the report also cited the Occupy Wall Street movement spreading in the U.S. and the rest of the world. Occupy Wall Street started when hundreds gathered in Times Square in New York to protest that "it is unjust for just one percent of the population control the wealth while the rest are living in poverty."
According to the report, Presidential Spokesperson Edwin Lacierda expressed doubt Filipinos will copy the "Occupy Wall Street" protests. "It’s possible that other groups will imitate the ’Occupy Wall Street’ movement. This cannot be compared with our administration. We have always fought for inclusive growth," he said.
Singh likewise "urged Asian nations to increase spending on infrastructure, health, and education to benefit the poor." In fact, he lauded the Aquino administration’s conditional cash transfer program. He explained: "Because it is targeted, it gets the poor. Because it is well-targeted, it is not very expensive."
For more on this story, log on to ABS-CBNNews.com.