The National Economic and Development Authority reaffirmed its commitment to sustaining the country’s high growth momentum, improving labor market conditions and ongoing downtrend of inflation during the 2023 Post-State of the Nation Address Philippine Economic Briefing at the Philippine International Convention Center on July 25, 2023.
Through a whole-of-government and whole-of-society approach, President Ferdinand R. Marcos Jr’s Administration, in its first year in office, has made significant strides in leading the country to achieve a robust post-pandemic economic recovery with gross domestic product growth averaging 7.6 percent in 2022 and 6.4 percent in the first quarter of 2023.
“To improve our economy’s competitiveness and signal our country’s openness to business, the government worked to create an investment-friendly policy environment,” said NEDA Secretary Arsenio Balisacan.
Balisacan said this environment was supported by the issuance of the implementing rules and regulations of the amended Public Service Act, the revised IRR of the Build-Operate-Transfer Law and the amended Joint Venture Guidelines of NEDA.
He said the government is working to create and promote an enabling policy and regulatory environment that shall be conducive to investment, innovation and the creation of high-quality jobs.
NEDA will continue strengthening the public-private partnership framework and facilitating the efficient evaluation of PPP proposals, he said.
Balisacan said the agency remains committed to monitoring critical socioeconomic indicators and undertaking rigorous analyses for evidence-based policymaking as the government tackles emerging issues.
He underscored the importance of the Philippine Development Plan 2023-2028 in aligning all government efforts to achieve the country’s overall goals: reinvigorating job creation and accelerating poverty reduction.
“To ensure that we remain on track to meet our goals and to recalibrate our strategies as necessary, we—NEDA, in coordination with other agencies—will monitor and evaluate the implementation of our development roadmaps, especially the Philippine Development Plan 2023-2028,” he said.
The PDP 2023-2028 is the country’s medium-term development blueprint, outlining the government’s priorities and strategies towards achieving high and inclusive growth.
“Through these initiatives, the Marcos Administration will bring our economy closer to one that is prosperous, inclusive, and resilient—aligned with our long-term vision of providing a firmly rooted, comfortable and secure life for all Filipinos,” he said.