The country’s top economic and development team headed by President Ferdinand Marcos Jr. himself has met to review the medium-term Philippine development plan (PDP) 2023-2028 and recalibrate the country’s key policies, strategies and programs amid changing global and local economic conditions.
The Economy and Development Council Council (ED Council) chaired by Marcos met on July 15 to tackle the midterm update of the six-year PDP, an official statement issued on Wednesday said.
The Department of Economy, Planning, and Development (DEPDev) said in the statement posted on its website the update refines and recalibrates the country’s key policies, strategies, programs, and legislative priorities to ensure alignment with evolving economic conditions and development goals.
DEPDev spearheads the updating process of the plan at the midpoint of each administration to assess progress and make necessary adjustments to targets and interventions.
“We have learned a lot of lessons from our past experiences and many of these have been reflected in our recent efforts. We will continue to stay on our course to sustain our momentum for the second half of this administration,” Arsenio Balisacan, DEPDev secretary and ED Council vice chairman, said.
Balisacan said after the discussions at the council meeting, DEPDev will then be receiving comments from various agencies to finalize the updated Plan, which will be released to the public by the end of July 2025.
The PDP 2023-2028 serves as the country’s overall blueprint in development planning for the next six years.
The PDP aims to reinvigorate job creation and accelerate poverty reduction by maintaining an economic growth rate of 6-7 percent for the period, creating more jobs, keeping food and overall prices low and stable, enforcing fiscal discipline, and transforming the production sectors through innovation.
