‘… these items had been aimed before during the last five or so administrations, three of which Diokno himself was part of as a Cabinet member or sub-Cabinet official — and they still comprise the bulk of today’s promises.’
AFTER the big event that was the State of the Nation Address (SONA) last July 25, the Marcos administration’s economic team thought it was imperative that they follow it up with a briefing for the business community and like-minded groups.
The team unveiled on Tuesday an eight-point agenda which is actually the road map for this administration to realize its dream of bringing down the poverty rate to a single-digit, with the long-term view of achieving a better status for the Philippines as an upper-middle income economy.
The economic team headed by Finance Secretary Benjamin Diokno was forthright in saying that “the operating environment remains uncertain and difficult,” an admission that President Ferdinand “Bongbong” Marcos Jr. chose to downplay when he summarized the current state of the nation as “sound.” Diokno had to recognize that inflation will remain high because of rising oil and commodity prices, the COVID-19 pandemic is still here, and the global political-economic situation is uncertain.
Given this backdrop, the government has created an eight-point socioeconomic agenda to resuscitate the economy and spur it to recovery. These are:
– Protect purchasing power and mitigate socioeconomic scarring by ensuring food security, reducing transport and logistics costs, and reduce energy costs to families.
– Reduce vulnerability and mitigate scarring from the COVID-19 pandemic by tackling health, strengthening social protections, and addressing learning losses.
– Ensure sound macroeconomic fundamentals by enhancing bureaucratic efficiency and sound fiscal management and ensuring a resilient and innovative financial sector.
– Create more jobs by promoting trade and investments, improving infrastructure, and achieving energy security.
– Create quality jobs by increasing employability, encouraging research and development and innovation, enhancing the digital economy.
– Create green jobs by pursuing green economy and establishing livable and sustainable communities.
– Uphold public order and safety, peace, and security.
– Ensure a level playing field by strengthening market competition and reducing barriers to entry and limits to entrepreneurship.
The Marcos administration has to adhere to these hard points firmly, for these are no easy tasks. Diokno said these measures will cut poverty incidence to 9 percent by 2028, reduce fiscal deficit, and promote robust economic growth.
We note that these items had been aimed before during the last five or so administrations, three of which Diokno himself was part of as a Cabinet member or sub-Cabinet official — and they still comprise the bulk of today’s promises.
The Marcos economic team will have to deliver much in terms of palpable, real accomplishments to gain public confidence.
