Gov’t sees 16.2% poverty reduction in 2023
‘We must build on and sustain our our hard-won gains as a nation; this imperative comes as we aim to recover and secure our position among the most dynamic economies in Asia and the world’
Daily Tribune‘We must build on and sustain our our hard-won gains as a nation; this imperative comes as we aim to recover and secure our position among the most dynamic economies in Asia and the world’
Photograph courtesy Official Gazette
The government is expecting poverty to decline to about 16.2 percent in 2023.
"We expect poverty incidence to fall to about 16.2 percent in 2023 from its 2021 level of 18.1 percent," National Economic and Development Authority Secretary Arsenio Balisacan said.
"Together, we must build on and sustain our hard-won gains as a nation. This imperative comes as we aim to recover and secure our position among the most dynamic economies of Asia and the world," he said.
Earlier, the World Bank had projected the country's poverty rate to ease to 17.1 percent this year due to recovering labor market indicators.
Balisacan, meanwhile, said a robust domestic economy, propelled by sustained consumption and investment, will be key to attaining the 6.0-percent to 7.0-percent growth targeted for 2023.
"We aim to accompany this expansion with headline and food inflation rates of 2.5 percent to 4.5 percent and an unemployment rate of 5.3 percent to 6.4 percent," he said.
Five-year Philippine Development Plan
Looking ahead to 2023, the government aims to steer and coordinate the implementation of the five-year (2023-2028) Philippine Development Plan while finalizing the Regional Development Plans, the Public Investment Program for 2023-2028l, and the Three-year Rolling Infrastructure Plan for FY 2024-2026.
The NEDA secretary said that the government will monitor the implementation of these plans by conducting socioeconomic surveys and coordinating with the responsible agencies in generating the 2023 Socioeconomic Report and Regional Development Reports for 2022.
"We will pursue major national projects, including public-private partnerships in critical infrastructure, and ensure their programmatic appraisal through the NEDA Board's Investment Coordination Committee; complete the registration of 92 million Filipinos to the Philippine Identification System; push for the passage of the remaining 30 bills in the Legislative-Executive Development Advisory Council and its approved Common Legislative Agenda; issue the 2022-2032 National Innovation Agenda and Strategy Document to jumpstart and guide our country's initiatives to improve its innovation ecosystem," Balisacan said.
