NEDA bares priority areas for public-private sector collaboration on PH economic recovery

The government and the private sector need to collaborate to help improve the prospects for economic recovery, increase productivity in the country, and respond to climate change, said the National Economic and Development Authority (NEDA).

In his message during the 2022 Inaugural Meeting and Induction Ceremonies of the Financial Executives Institute of the Philippines on Jan 18, 2022, Socioeconomic Planning Secretary Karl Kendrick T. Chua said that the remaining months of his term will focus on pushing for these top three priorities.

“The first is to continue our recovery from the COVID-19 pandemic. I think this requires a change in our mindset or paradigm, from a pandemic mindset to a more endemic mindset, where we can balance the important needs of the people to protect themselves from COVID and to protect themselves from all other diseases, problems of hunger, joblessness, and the need for income to support also other development objectives,” Chua said.

As part of this, NEDA and the economic team proposed a 10-point policy change to address the following areas: 1) metrics; 2) vaccination; 3) healthcare capacity; 4) economy and mobility; 5) schooling; 6) domestic travel; 7) international travel; 8) digital transformation; 9) pandemic flexibility bill; and 10) medium-term preparation for pandemic resilience.

“The second issue that I want to bring up, which requires significant support from the private sector, is enhancing or increasing productivity,” the NEDA chief said.

Chua said that the private sector plays a vital role in enhancing productivity in the country. He explained that productivity could be increased by strengthening human capital development, improving health and education outcomes, improving logistics, improving how things are done in the factories and in the office, the business process, and how the country does governance.

“The Philippines will soon become an upper-middle-income country. To sustain this level of development and eventually reach high-income country status, we need to innovate. If we are to simply copy or assemble products, without any innovation, then we will have difficulty achieving our next stage of development,” he said.

Meanwhile, Chua’s third major priority is addressing the threat of climate change. Chua said that NEDA considers putting climate change adaptation and mitigation as a cornerstone of its policy framework.

“Everything we do in the environment, education, agriculture, transportation, energy, and governance would revolve around protecting or enhancing the livability of the people, whether it is on planet earth or in the Philippines,” Chua said.

“So I leave you those three important priorities that we hope we can work together in the coming months, and that the next administration will continue. I hope the new board of FINEX and your members will be fully supportive of this collaboration,” he added. (NEDA)