Tasked to spearhead the formulation of the Philippine Development Plan (PDP) 2023-2028, the National Economic and Development Authority (NEDA) will flesh out the 8-point socioeconomic agenda of the Marcos Administration that will address constraints to the country’s inclusive and sustainable growth, NEDA Secretary Arsenio M. Balisacan said.
During the 2022 Post-SONA Economic Briefing, Balisacan said that the 8-point agenda will address both short-term and medium-term constraints to economic transformation.
Short-term measures address current issues such as inflation, vulnerability of certain groups of the population to shocks, and the scarring resulting from the pandemic.
Over the longer term, the agenda tackles priorities like job creation and sustaining the 6.5 to 8 percent growth of Gross Domestic Product from 2023-2028 that will be enabled, in part, by the country’s solid macroeconomic fundamentals.
“For the generation of quality employment, we need to address the constraints to rapid and sustainable growth that have been well-identified in various fora and studies by both local and international observers of the Philippine economy. These include issues affecting infrastructure, logistics, energy, digitalization, regulatory measures, and governance,” said Balisacan.
He underscored the need to act on problems from both the supply and demand sides of the labor market to cope with unemployment. On the supply side, Balisacan highlighted increasing the employability of Filipino workers, both for those who are currently in the labor market and those who will eventually enter the labor force.
On the demand side, he stressed the need to improve the investment climate to open up opportunities for job creation, particularly in manufacturing and the formal services sector.
NEDA will be at the forefront in dealing with these constraints by spearheading the formulation of the Philippine Development Plan 2023-2028 and reporting to the President and the Cabinet the progress of its implementation. This PDP serves as the Marcos Administration’s development blueprint for the medium term.
During his first State of the Nation Address, President Ferdinand R. Marcos, Jr. tasked the agency to begin coordinating with other government bodies for the production and submission of the PDP before the end of 2022.
“The upcoming PDP aspires for growth that is more inclusive this time compared to previous planning periods so that all Filipinos, including the poor, are given opportunities to participate in the growing economy. That’s our intention, and critical to that is our success in generating high-quality jobs and raising productivity, particularly, in agriculture,” he said.
Held at the Philippine International Convention Center in Pasay City, the Post-SONA Economic Briefing held last July 26, 2022 gathered business leaders, development partners, investors, and members of the academe and diplomatic community to a panel discussion event with members of the Cabinet.