A day after his first State of the Nation Address (SONA), President Ferdinand “Bongbong” Marcos Jr.’s officials unveiled his administration’s socioeconomic agenda.
The eight-point agenda aims “to decisively respond to this risk and steer the economy back to its high growth trajectory,” said Finance Secretary Benjamin Diokno on Tuesday, listing as key challenges the elevated inflation, lingering COVID-19 pandemic effects, and the unpredictable global political economy.
It is split into two: near-term and medium-term goals. Socioeconomic Planning Secretary Arsenio Balisacan said the near-term plan aims to address high prices, the population’s vulnerability to shocks, and economic scarring caused by the global health crisis.
The following make up the near-term agenda:
- Protect purchasing power and mitigate socioeconomic scarring: Ensuring food security; reducing transport and logistic costs, energy cost to families
- Reduce vulnerability: Tackling health by ramping up vaccination and booster intake among vulnerable sectors, safety protocol compliance, among others; strengthening social protection; addressing learning losses
- Ensure sound macroeconomic fundamentals: Enhancing bureaucratic efficiency and sound fiscal management; ensuring a resilient and innovative financial sector
Meanwhile, the ff. agenda are set for the medium-term:
- Create more jobs: Promoting trade and investments; improving infrastructure; achieving energy security
- Create quality jobs: Increasing employability; encouraging research & development, innovation; enhancing the digital economy
- Create green jobs: Pursuing both a green economy and a blue economy, which focuses more on sustainable use of marine resources; establishing livable and sustainable communities
- Uphold public order and safety, peace and security
- Ensure a level playing field: Strengthen market competition; reduce barriers to entry and limits to entrepreneurship
“For that to happen, we need to address the constraints to growth, constraints to quality employment creation that have been well-identified in various fora even by our own development partners,” said Balisacan, noting these issues concern infrastructure, energy, and logistics, among others.
Marcos’s economic team expects growth to settle within 6.5-7.5% this year and 6.5-8% annually from 2023 to 2028.
His administration, similar to former President Rodrigo Duterte’s, also aims for an upper middle-income status for the Philippines.
Balisacan said the country can achieve the minimum gross national income per capita of $4,046 for upper middle-income economies by 2024 assuming their growth targets are met.
Source: CNN Philippines, 26 July 2022
https://www.cnnphilippines.com/business/2022/7/26/Marcos-administration-8-point-socioeconomic-agenda.html