It will come out next month and we already briefed him on what the major elements… the key elements of those plans, and he provided comments, suggestions moving forward
President Ferdinand R. Marcos Jr. meets with National Economic and Development Authority officials to review the status of the formulation of the Philippine Development Plan 2023 to 2028 on Tuesday. | Photograph courtesy of office of the president
The administration of President Ferdinand "Bongbong" R. Marcos Jr. is optimistic that it will be able to bring down the poverty rate to nine percent in the President's last year in office.
The Office of the Press Secretary, in a statement on Tuesday, said Socioeconomic Planning Secretary Arsenio Balisacan made the forecast despite "global headwinds and the challenges of the faster inflation rate.
Balisacan, also chief of the National Economic and Development Authority, said the nine percent poverty incidence goal will be achieved by bringing growth to a higher level.
The Marcos administration, he added, seeks to accomplish the goal by expanding the quality of growth through the generation of quality jobs and improving the social protection system, among others.
"But associated with that would be the generation of not just more jobs but higher quality jobs. And those two, growths and jobs and paying attention to social protection to address shocks like typhoons and crises… to enable us to achieve a faster reduction of poverty from where it is today to a single digit, at nine percent actually," OPS quoted Balisacan.
The OPS added that the single-digit poverty rate goal is part of the Philippine Development Plan 2023 to 2028 of the Marcos administration, which sets the government's eight-point program.
The program contains targets and actionable plans that will help the country pursue a greener economy and more sustainable, affordable, and livable residential areas in the next six years.
Balisacan expressed confidence that the latest GDP growth is a reason for optimism, indicating that the Philippines' rapid growth recovery is firming up despite global headwinds.
The President earlier noted the GDP 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.
Economic managers are set to present the Marcos administration's Philippine Development Plan next month, Balisacan said.
"It will come out next month and we already briefed him on what the major elements… the key elements of those plans, and he provided comments, suggestions moving forward," he said.
Fresh from his four-day visit to Cambodia for the ASEAN Summits, Marcos on Tuesday morning led a meeting with Balisacan and other NEDA officials to discuss the PDP at the Malacañang Palace.
The PDP, Balisacan said, involves actionable strategies to develop the domestic market considering its vast potential for both foreign and local investors.
"He emphasized that the plan should address the concerns of the development… of the local markets. It is just correct to ensure that they receive the same assistance," he said.
The Socioeconomic Planning chief said this is the first time the PDP is being presented before the start of the first full year of the President.
"What happened before is all the ships are already in the middle of the sea. They are casting their own nets. Now, it is there. So there is now greater opportunity for coordination of agencies," he added.
Balisacan assured that a framework for regular monitoring and evaluation of its implementation is also in place in the plan.
"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 said.
The OPS said PDP is expected to be signed before the year 2022 ends.
