NextGen Day

According to Socioeconomic Planning Secretary Arsenio Balisacan, the next Philippine Development Plan (PDP) from 2023 to 2028 will include “actionable initiatives” to expand the home market.

According to a statement from the Palace, Balisacan made this statement after consulting with President Ferdinand R. Marcos Jr. in Malacanang about revisions to the nation’s growth strategy.

Balisacan, the director of the National Economic and Development Authority, stated that Marcos “stressed that the plan should meet the problems of the development — concerns of the development of the local markets” (NEDA).

When Marcos met with world leaders at the just finished Association of Southeast Asian Nations (ASEAN) Summits in Phnom Penh, Cambodia, he pledged to expand the home market.

Balisacan claimed that while the President offered comments and ideas, he briefed him on the “main parts” of the PDP 2023–2028.

A release of the PDP 2023-2028 is anticipated for next month.

It will be the first time a development strategy has been presented, according to Balisacan, “before the commencement of the first full year” of the President.

“All of the ships are already in the middle of the water, which refers to what happened earlier. Their own nets are being cast. It is now there, or ngayon nandiyan. Consequently, there are more opportunities now for agency coordination “added he.

He also assured that there is a system in place for routinely observing and assessing how the strategy is being carried out.

So, he continued, “each year, we will give the President a report on how the plan is being carried out, the performance, and the various indicators or targets that have been specified in the plan.

lowering of poverty

As one of the objectives of the PDP 2023–2028, Balisacan also voiced confidence in the Marcos administration’s ability to reduce the poverty rate to 9% by 2028.

He said that the government’s three-pronged strategy, which entails raising growth to a higher level, upgrading the quality of growth by creating quality jobs, and enhancing the social security system, is capable of achieving the 9 percent goal by 2028.

“However, that would be accompanied by the creation of not just more, but better jobs. And those two—growth and jobs, as well as paying attention to social safety to deal with shocks like typhoons and crises—will help us reduce poverty more quickly from where it is now to single digits, which is actually at nine percent “added Balisacan.

Marcos previously praised the nation’s gross domestic product, which showed a recovery growth rate of 5.7% in 2021 and an average growth rate of 7.8% for the first half of 2022.

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