The government is pushing for several reforms to achieve sustained economic growth, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.
Speaking at the Fourth Philippines-Singapore Business and Investment Summit in Singapore on Thursday, Balisacan said part of the government’s efforts to achieve sustainable growth and greener future is investing in infrastructure and innovation to enhance resilience against climate shocks.
“The Philippines is one of the countries most vulnerable to the impact of climate change and compounding disasters, ranking first among 193 countries based on the 2023 World Risk Report,” Balisacan said.
“We acknowledge that significant investments in sustainable and resilient infrastructure are necessary to enhance our economy’s resilience to shocks, further protect our environment, and even kick-start the creation of high-quality jobs.”
Balisacan said there are currently 164 public-private partnership projects in sectors such as physical and digital connectivity, healthcare, water and sanitation, solid waste management, and energy, valued at approximately PHP3.2 trillion.
The government also has a total 186 infrastructure flagship projects. Of these, 29 are for improving irrigation and water resources, nine to the agriculture sector, and one to improving power and energy infrastructure.
Balisacan said the government is likewise promoting human and social development through the creation of livable communities.
“Our communities and ecosystems must be resilient to environmental hazards and adaptable to a fast-changing climate. The government will work with the private sector as we carry out a transition to a low-carbon economy in a manner that is efficient and appropriate to our people’s and economy’s development needs,” he said.
Balisacan cited the importance of science, technology, and innovation in addressing the country’s numerous development challenges and risks.
Aside from these, Balisacan said the government is pushing for key reforms to achieve sustained and inclusive growth.
These priority measures include the Rationalization of the Mining Fiscal Regime, Amendments to the Electric Power Industry Reform Act and the Excise Tax on Single-Use Plastics, and the creation of the Department of Water Resources.
Balisacan said the Philippine Development Plan (PDP) 2023-2028 is the Marcos administration’s “clear, impenetrable, whole-of-government, and whole-of-society blueprint for economic and social transformation.”
“This plan is anchored on the lessons learned from recent decades of development experience and the global megatrends shaping societies today. In pursuit of the country’s long-term development vision, or the AmBisyonNatin 2040, the PDP aspires to create a prosperous, predominantly middle-class, resilient society where we have eradicated poverty, and every Filipino enjoys a life of dignity and opportunity,” Balisacan said.
Middle class
In another also on Thursday, Balisacan cited the important role of a robust middle class is crucial in driving the country’s long-term growth and development.
“The middle class plays a pivotal role as the engine of our nation’s economic growth… Their steady income, investments in education, and consistent consumption of goods and services fuel economic progress and provide opportunities for broader national development,” Balisacan said in his keynote address at the 10th Annual Public Policy Conference held at Makati Shagri-La.
“As the most mobile segment of our society, the middle class is uniquely positioned to participate in decision-making and stay attuned to sociopolitical conditions, leading to greater opportunities for upward mobility… We aim to expand this productive and empowered middle class through the strategies outlined in the Philippine Development Plan 2023-2028,” he added. (PNA)
