By Tracy Cabrera
MANILA — With analysts considering the country’s near-term growth projections to be the highest among the ASEAN (Association of Southeast Asian Nations)+3 countries, which include Japan, South Korea and China, the Development Budget Coordination Committee (DBCC) has projected Philippine economy to grow by 6.5 to 7.5 percent by year’s end and 6.5 to 8.0 percent from 2023 to 2028.
To support this, former Bangko Sentral ng Pilipinas (BSP) governor and interim finance secretary Benjamin Diokno announced that the Marcos administration 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.
“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,” Diokno pointed out.
In addition, the finance chief cited the new administration’s socioeconomic priorities in the near-term which 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 the gross domestic product (GDP) annually,” he noted.
“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,” he added to explain.
Diokno, in conclusion, underscored that 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. (Likewise), 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 Diokno.