The National Economic and Development Authority said Sunday it released to the public copies of the six-year economic blueprint that aims to transform the Philippine economy and society.
“The Philippine Development Plan 2023-2028 is out,” NEDA Secretary Arsenio Baliscan said in a social media post Sunday.
He said the PDP 2023-2028 is a plan for deep economic and social transformation to reinvigorate job creation and accelerate poverty reduction by steering the economy back on a high-growth path.
This growth must be inclusive, building an environment that provides equal opportunities to all Filipinos, and equipping them with skills to participate fully in an innovative and globally competitive economy, according to the plan.
The 480-page plan, which adopts the targets based on the AmBisyon Nation 2040, aims to transform the Philippines into a prosperous, predominantly middle-class society where no one is poor and the people enjoy long and healthy lives in a high-trust society.
It seeks to maintain high levels of economic growth in the medium term, rising from 6.0 to 7.0 percent in 2023 to 6.5 percent to 8 percent from 2024 to 2028. This sustained high levels of growth is a necessary condition for meeting the Ambisyon Natin 2040.
The plan also aims to transform the production sectors toward generating more and better-quality jobs and enabling the competitiveness of enterprises in domestic and international markets crisis and strengthen the country’s resilience to disasters.
The priority is to enhance the adaptive capacity of communities and ecosystems that are most vulnerable to natural hazards and climate change. This will be supported by an improved knowledge and data ecosystem, and good governance, it says.
Among the specific targets under the plan is to sustain the Philippines’ progress among the innovation achievers of the region by rising in rank in the Global Innovation Index from a baseline of being 59th out of 132 countries in 2022. The country also aims to be ranked among the top 33 percent in the Global Competitiveness Index by 2028.
It aims to create more and better-quality jobs that would bring down unemployment rate to within a range of 4 percent to 5 percent and increase the percentage of wage and salary workers in private establishments to total employed to a range of 53 percent to 55 percent.
The plans also seeks to reduce poverty incidence to 9 percent by 2028, a result from sustained economic growth that generates more and better-quality jobs and supported by an efficient social protection system.
It also adopts strategies to keep food and overall prices low and stable. Food and overall inflation is expected to ease to a range of 2 percent to 4.0 percent.