President Ferdinand Marcos Jr. started his first three months in office with one of the most impressive economic performances in any administration. Our gross domestic product expanded 7.6 percent year-on-year in the third quarter of 2022, which is the President’s first three months in Malacañang.
Many hotels and restaurants have also reopened, attracting swarm of customers who are willing to go out and spend once again. International tourism is on a rebound, with visitor arrivals reaching 1.9 million in the first 10 months of 2022, per the Department of Tourism’s tally. The National Economic and Development Authority led by Secretary Arsenio Balisacan is about to submit the Philippine Development Plan 2023 to 2028 to President Marcos early this month to identify “actionable strategies” that will further improve the economy.
The PDP will serve as the development blueprint for the next six years under the Marcos administration. More than a plan, it is a commitment from the government that it will stick to its development path and not suddenly change course midway so that it can consistently achieve its goals. All government departments and agencies are expected to follow the guidelines spelled out in the PDP.
The government’s ultimate goal is to reduce the national poverty rate to 9 percent by 2028. Neda believes the objective is achievable through faster economic growth, generation of higher quality jobs and enhancing the social protection system.
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