Benise Balaoing

Skyline and buildings in Quezon City on January 11, 2023. Mark Demayo, ABS-CBN News

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MANILA -- The Philippines can become a middle-class society by 2040 if the government creates better jobs and it reforms the Pantawid Pamilyang Pilipino Program (4Ps), the World Bank said in a report Thursday.In its latest report, the World Bank noted that the poverty rate in the Philippines has fallen from 23.5 percent in 2015 to 15.5 percent in 2023. It also noted, however, that nearly 28 percent of Filipinos are vulnerable or remain at risk of falling back into poverty.<div><a href="https://www.abs-cbn.com/news/business/2026/5/29/-middle-class-is-being-squeezed-to-death-tax-expert-pushes-p1-m-income-tax-exemption-1507" rel="noopener noreferrer" target="_blank">‘Middle class is being squeezed to death’: Tax expert pushes P1-M income tax exemption</a></div>&quot;The secure middle class, at about a quarter of the population, has barely grown since 2018,&quot; the World Bank said.<div><a href="https://www.abs-cbn.com/news/business/2026/5/6/new-poor-ibon-fears-inflation-to-push-lower-middle-class-past-poverty-line-0908" rel="noopener noreferrer" target="_blank">New poor: IBON fears inflation to push lower-middle class past poverty line</a></div>&quot;The typical Filipino family earns just enough to stay above the poverty line — but not enough to feel economically secure. In fact, many families are so close to the edge that a single typhoon, a hospital bill, or a lost job can push them back into poverty,&quot; the report stressed.The World Bank urged the government to create better jobs, as only one in three Filipino workers contributes to social security. This means most Filipinos are unprotected in old age or job loss.The multilateral lender said there must be more opportunities for formal employment for lower-skilled workers.The World Bank also urged the government to factor in inflation in giving benefits under the 4Ps program.&quot;With the right policy mix — one that boosts job creation and productivity while strengthening equity and resilience — the Philippines can all but eliminate poverty by 2040 and firmly put most of its people in the secure middle class,&quot; said World Bank Division Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu.

The Philippines can become a middle-class society by 2040 if the government creates better jobs and reforms the 4Ps program, the World Bank said Thursday.

The Philippines can become a middle-class society by 2040 if the government creates better jobs and reforms the 4Ps program, the World Bank said Thursday.

'PH can be middle-class society by 2040 with better jobs creation, 4Ps reform'

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'PH can be middle-class society by 2040 with better jobs creation, 4Ps reform'

Benise Balaoing,

ABS-CBN News

Published June 04, 2026 04:19 PM PHT

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World Bank

middle class

jobs

4Ps

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