NextGen Day

The Philippine economy is poised to regain its high-growth trajectory, thanks to various initiatives implemented by President Ferdinand R. Marcos Jr.’s administration, according to the National Economic and Development Authority (NEDA).

NEDA Secretary Arsenio Balisacan stated that despite the challenging circumstances presented by the Covid-19 pandemic, the country is on track for high-growth performance. Strict quarantine measures led to a 9.5 percent contraction in the Philippine economy in 2020.

However, Balisacan acknowledged the setbacks faced, including high national debt, learning losses, business closures, and high unemployment rates. In response, President Marcos crafted the 8-Point Socioeconomic Agenda, which focuses on short-term issues and long-term priorities for job creation and poverty reduction.

The Marcos administration’s priorities have shaped the Economic Team’s early initiatives, including the Medium-Term Fiscal Framework, the PHP5.268-trillion budget for this year, and the Philippine Development Plan 2023-2028.

The reopening of the economy has spurred consumption and contributed to GDP growth of 7.7 percent in Q3 2022, 7.1 percent in Q4 2022, and 6.4 percent in Q1 2023. In 2022, the Philippine economy expanded by 7.6 percent, surpassing the government’s target range.

These positive indicators point to a sustained recovery in 2023, and the government aims for a 6 to 7 percent economic growth expansion this year.

Unemployment rates have decreased to 4.5 percent as of April 2023, while inflation has eased from 8.7 percent in January to 6.1 percent in May. Balisacan expects inflation to further decline and settle within the government’s target range of 2 to 4 percent by year-end.

Under the Marcos administration, a more enabling regulatory and investment policy environment has been created. The Philippines has also opened its economy to trade and investment through initiatives like RCEP accession and the establishment of Green Lanes for Strategic Investments.

Furthermore, President Marcos has prioritized innovation and efficient project approval through the National Innovation Council and the NEDA Board.

The Marcos administration remains committed to protecting the poor and vulnerable from economic shocks, with targeted transfers, proactive monitoring of supply and demand conditions, and the approval of the Social Protection Floor.

Balisacan concluded by emphasizing that while challenges remain, the government will continue to work with the private sector and civil society to achieve its ambitious development targets. 💼🚀

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