'It takes time for growth to trickle down to poor'--WB

from ABS CBN News

By CHARO LOGARTA
ABS-CBN News

The World Bank took the cudgels for the Arroyo administration following a survey which showed 66% or 2 out of every 3 Filipinos saying the economy has worsened since 2005.

The February-March 2008 survey results of Pulse Asia, an independent polling firm, came following the country's record 7.3% Gross Domestic Product (GDP) growth in 2007, the highest in 30 years.

Vera Songwe, the World Bank's Outgoing Lead Economist for the Philippines, says that it takes time for economic gains to trickle-down to ordinary Filipinos.

"The growth in the Philippines is quite phenomenal, but there is a transition period between numbers and how and what people feel," Songwe says. "It takes time for benefits to pay-off, but they do pay-off. We expect those surveys to improve over time."

The Pulse Asia survey, released Monday, also showed that 71% of respondents said they are poor or very poor.

"The ultimate goal of the government is to reduce poverty," adds Songwe. "For the Philippines to have good growth and reduce poverty very fast, you have to grow sustainably for at least 10 years. The Philippines is at the five-year mark. I think the challenge is to decide if we continue to going up or we gonna stabilize or we gonna go down."