Balisacan Highlights Weak Social Insurance System as Poverty Risk in Philippines

MANILA, Philippines — The Philippines’ weak social insurance system is leaving households more vulnerable to falling back into poverty when they face economic shocks such as disasters and the fallout from the Middle East war, Socioeconomic Planning Secretary Arsenio Balisacan said. Speaking to the Inquirer, Balisacan said more than half of the country’s population lives just above the poverty line with minimal savings, making them highly susceptible to economic downturns. This vulnerability is exacerbated by the country's exposure to natural disasters and the potential ripple effects of regional conflicts. A robust social safety net is crucial to mitigate these risks and ensure economic stability for a significant portion of the population. The Philippines has long grappled with income inequality and the inadequacy of its social protection programs, particularly affecting informal sector workers and vulnerable groups. Strengthening these systems is seen as vital for national development.