August 3, 2022 – The Philippine Development Plan 2023-2028 (PDP 2023-2028) shall provide a roadmap towards unlocking sustained and inclusive growth for the Philippine economy despite the challenges brought by health, geopolitical, and other economic shocks.
This is according to the National Economic and Development Authority (NEDA), which will spearhead the Plan’s formulation, oversee its implementation, and periodically report to the President and the Cabinet on its progress.
During a virtual forum organized by The Manila Times last July 29, 2022, NEDA Undersecretary for the Policy and Planning Group Rosemarie G. Edillon explained that the PDP 2023-2028 will provide a roadmap towards improving the investment climate in the country with the objective of generating more and higher-quality employment in the medium term. This is to transform the economy and make it more inclusive and resilient to unexpected shocks. The Plan will also be drafted with short-term issues in mind.
“We will be coming up with strategies that are forward-looking yet relevant to present issues as well. To reduce food inflation, we need to ensure an adequate supply of food at affordable prices. In the short term, with rising fuel and fertilizer costs, the strategy is to provide subsidies for fertilizers and fuel inputs to the producers of food. We will also push for productivity-enhancing infrastructure, research and development, as well as extension services,” said Edillon.
To reduce the vulnerabilities of certain segments of the Filipino population, she added that there will be continual enhancement of the nation’s health sector and social protection programs. Programs and projects related to re-tooling and re-skilling opportunities will be implemented to increase the employability of Filipino workers.
Edillon also noted that these initiatives will rely on the Plan’s thrust toward digitalization, which President Ferdinand R. Marcos, Jr. highlighted in his first State of the Nation Address (SONA).
“There will be greater digitalization, including government processes and a ubiquitous digital economy. The social sector will also be transformed to ensure that every Filipino can reach their full potential and be adequately prepared to cope with shocks,” said Edillon.
The digital transformation envisioned by NEDA can foster more innovation and lead to new processes and job opportunities.
“Economic transformation will come by way of having a vibrant innovation ecosystem. We want this to result in new ideas, products, and processes that will spawn new markets, new businesses, and of course, more jobs,” she said.
Edillon further said that the game-changing reforms and policies passed or initiated in the previous administration shall serve as a strong foundation for these strategies. These include the National Competition Policy, the Corporate Recovery and Tax Incentives for Enterprises (CREATE Law), and the amendments to the Public Service Act, Foreign Investments Act, and the Retail Trade Liberalization Act.
– END –