Incoming President Rodrigo Duterte's economic team is aiming to cut the Philippines' poverty rate by at least 30 to 35 percent within his six-year term, focusing on projects to lift the rural poor.

Incoming Finance Secretary Carlos Dominguez told a media briefing of Duterte's economic team Monday in southern Davao City that they plan to reduce poverty rate, now afflicting 25.2 percent or a quarter of 100 million Filipinos, by 1.25 percent to 1.5 percent each year until 2022.

Incoming Budget Secretary Benjamin Diokno says the government will spend within the first year about 1 trillion pesos ($21.5 billion) or nearly a third of total government budget, on simultaneous small- and medium-scale public infrastructure projects like farm-to-market roads and schools that are easier to do within a year.