As of 2000, 46.9% of the Philippine population was still considered poor. This translates to 5.1 million poor families or 30.8 million poor people. Poverty in the Philippines remains a rural phenomenon. About 78.8% of food - poor families reside in the rural areas, with the Autonomous Region in Muslim Mindanao, Bicol, and Central Mindanao regions having the highest incidence. Relative to the total number of poor families, rural families account for 70.9%. 8 Since poverty reduction is the underlying object ive of the study and the fact that a large number of OFWs and their families originate from the countryside, the role in leveraging remittances by community - based financial or economic institutions such as cooperatives, rural banks and microfinance NGOs is also examined. By virtue of their mandates and geographic location, these institutions are in a strategic position to offer simple financial products and services to financially unserved remittance receiving households in the rural areas.
|Source Institution||World Bank|
|Place of Publication||Pasig City|
|Original Publication Date||July 1, 2004|