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This was a result of the Asian financial crisis, which caught up with the Philippines in 1998.
After expanding 5.2 percent in 1997, the country's GDP backpedaled by 0.5 percent in 1998.
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Poverty Threshold: P13,916 While the per capita income declined between 19, prices of consumer goods and services increased by almost 20 percent during the three-year period or over six percent annually.Data from the National Statistical Coordination Board (NSCB) showed that 11 of the country's 16 regions had a poverty incidence of over 30 percent as of 2000.The five other regions with lower poverty levels are all located in Luzon.All regions in the Visayas had over 30 percent of poverty incidence.Region 6 (Western Visayas) had a poverty incidence of 37.8 percent; Region 7 (Central Visayas), 32.3 percent; and Region 8 (Western Visayas), 37.8 percent.