The projection contained in an updated report on the Philippine economy is down from the previous 6.6 per cent forecast for this year and 6.9 per cent for next year.
But the government is on the right track, with recent data suggesting sustained high growth has begun to cause significant reductions in poverty, bank officials said.
Some 2.5 million Filipinos were lifted out of poverty in 2013 in a break from "many years of slow poverty reduction," said
In the 12 months through April, the economy also created 1.7 million jobs, but there is a need for higher quality employment, he said.
The government has already doubled spending on social services and injected more funds into infrastructure.
Chua said the country's tax system must be made simpler and more equitable, with the tax burden and cost of compliance reduced for small businesses and wage earners. He said the government has successfully raised tax revenue equivalent to 1.2 per cent of GDP in the last three years through the tobacco and alcohol "sin tax" reform and improved tax administration.
"Accelerating the reform momentum would help the country yield additional tax revenues to further expand growth that can benefit more poor Filipinos," he said.
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