President Ferdinand Marcos Jr. signed an executive order mandating the Philippine Development Plan (PDP) 2023-2028.
The Philippine Development Plan is aimed at economic recovery and growth. The plan is mainly drafted by the National Economic and Development Authority and it aims to help the country become an upper-middle economy by 2025.
Alongside the economic development plan, it also caters to social development, disaster resilience, and digital transformation.
This executive order also requires all national government agencies to adopt the plans in the development plan. Offices must align their budgets according to the plan.
In the PDP’s introduction, Marcos said that the administration plans to reduce poverty to a single digit by 2028. He said, “This will be realized through rapid, sustained, and inclusive growth that will create more, better, and resilient jobs.”
Socio-economic Planning Secretary Arsenio Balisacan said that even though the unemployment rate in the country decreases, the quality of jobs must also need to improve.
Balisacan detailed that the PDP is also focused on raising the quality of jobs in the country. “That requires more investment and opening up the economy and addressing constraints to foreign investment,” he said.
The current administration is projecting that the country’s economy will grow 6-7% this year.