FINANCE Secretary Benjamin Diokno said that the government will make sure that its strategic interventions will be felt by the ordinary Filipino, as the economy continues to recover and grow at a higher rate.
According to the Development Budget Coordination Committee (DBCC), the Philippine economy is projected to grow by 6.5 to 7.5 percent in 2022, and 6.5 to 8.0 percent from 2023 to 2028. Analysts consider these near-term growth projections to be the highest among the ASEAN+3 countries, which include Japan, South Korea, and China.
“While the numbers tell us a promising story, the government will certainly not be complacent. We are committed to translating these bright prospects into reality for the Filipino people. The Marcos administration will implement a comprehensive 8-point socioeconomic agenda to decisively steer the economy back to its high-growth trajectory,” said Secretary Diokno in an economic forum of a daily newspaper.
Secretary Diokno said that the Marcos administration’s socioeconomic priorities in the near-term include restoring price stability, addressing economic scarring from the pandemic, and ensuring the country’s sound macroeconomic fundamentals.
Over the medium term, the agenda will focus on generating more jobs, quality jobs, and green jobs through human capital development, digitalization, and infrastructure investments that will be sustained at 5 to 6 percent of GDP annually.
“We will harness the public-private partnership mechanism to welcome impactful projects consistent with the country’s development goals. With strong multiplier effect, our infrastructure projects are sure to yield exponential returns even well beyond our term,” Secretary Diokno explained.
Secretary Diokno added that the government will optimize the game-changing reforms already set in place to invite more foreign investors to invest in the Philippines and create more employment opportunities for the Filipino people. These reforms include the Corporate Recovery and Tax Incentives for Enterprises Act and amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign Investments Act.
Secretary Diokno said that the Marcos administration’s socioeconomic agenda will elevate the country to upper-middle income status by 2024, and reduce poverty incidence rate to 9 percent by 2028.
Economic growth will, likewise, translate to more, quality, and green jobs, and help reduce unemployment rate to 4 to 5 percent by 2028.
“This will ensure that no sector is left behind and we stay true to our goal of inclusive growth,” said Secretary Diokno.
The Secretary said that the country is more than prepared to exceed the expectations of the international community and demonstrate its full potential in the next six years in terms of economic growth amid global challenges and the lingering effects of the pandemic.
“The Philippines’ solid macroeconomic fundamentals, reinforced by structural reforms, enabled us to withstand the harsh effects of the pandemic and chart a clear path to recovery. It is on this firm ground that the Marcos administration commits to build a robust economy for a faster, greener, and more inclusive growth that benefits all Filipinos,” said Secretary Diokno.
