The National Economic and Development Authority (NEDA) said it will incorporate into the next Philippine Development Plan (PDP) 2023-2028 the eight-point socioeconomic agenda of the Marcos administration.
NEDA Secretary General Arsenio Balisacan said the eight-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,” he said.
“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,” Balisacan added.
Balisacan said the government will address problems from both the supply and demand sides of the labor market to cope with unemployment.
On the supply side, he 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,” he said.
“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,” Balisacan added. – Ruelle Castro
