PH Dev’t Plan details strategies to develop domestic market: NEDA

President Ferdinand R. Marcos Jr. attends a meeting with the National Economic Development Authority (NEDA) on Tuesday, November 15, at Malacañang Palace. (OPS Photo)

MANILA – The upcoming Philippine Development Plan (PDP) 2023 to 2028 will detail “actionable strategies” to develop the domestic market, Socioeconomic Planning Secretary Arsenio Balisacan said Tuesday.

Balisacan made this remark after meeting with President Ferdinand R. Marcos Jr. in Malacañang to discuss updates on the country’s development blueprint, according to a press release from the Palace.

“He [Marcos] emphasized that the plan should address the concerns of the development — concerns of the development of the local markets,” said Balisacan, who heads the National Economic and Development Authority (NEDA).

Marcos earlier made a commitment to developing the domestic market during his meeting with global leaders at the recently-concluded Association of Southeast Asian Nations (ASEAN) Summits in Phnom Penh, Cambodia.

Balisacan said he briefed the President about “major elements” of the PDP 2023-2028 while the latter provided comments and suggestions.

The PDP 2023-2028 is expected to be unveiled next month.

Balisacan said it will be the first time to present a development blueprint “before the start of the first full year” of the President.

“Ang nangyari noon (What happened before) is that all the ships are already in the middle of the sea. They are casting their own nets. Ngayon nandiyan (Now, it’s there). So there is now greater opportunity for coordination ng agencies,” he said.

He likewise expressed assurance that a framework for regular monitoring and evaluation of the implementation of the plan is also in place.

“So every year, we will provide a report to the President and how the plan is being implemented and the performance and the various metrics or targets that have been indicated in the plan,” he added.

Poverty reduction

Meanwhile, Balisacan also expressed confidence that the Marcos administration will succeed in bringing down the poverty rate to 9 percent by 2028, which is also among the goals of the PDP 2023-2028.

He said the 9 percent goal by 2028 is achievable through the government’s three-pronged approach, which involves bringing growth to a higher level, enhancing the quality of growth through the creation of quality jobs, and improving the social protection system.

“But associated with that would be the generation of not just more jobs but higher quality jobs. And those two, growth and jobs and paying attention to social protection to address shocks like typhoons and crises… to enable us to achieve faster reduction of poverty from where it is today to single digit, at nine percent actually,” Balisacan said.

Marcos earlier welcomed the country’s gross domestic product displaying a rebound growth rate of 5.7 percent in 2021 and a 7.8 percent average growth rate for the first half of 2022.