MANILA — President Ferdinand Marcos, Jr. has approved the Philippine Development Plan for the years 2023 to 2028, Malacañang said on Friday.
The development plan seeks to boost job creation and reduce the poverty rate through an economy anchored on high growth, Press Undersecretary Cheloy Garafil said in a statement.
It will also "push for efficient economic transformation for a prosperous, inclusive and resilient society." This will be implemented starting next year, Malacañang said.
"I'm happy to announce that today, at the NEDA board meeting, we approved the Philippine Development Plan for 2023 to 2028 and this sets out the framework of the development plan for the Philippines and we have included all of the priority areas," said Marcos in his message.
"This will facilitate the coordination and the alignment of all departments and all agencies in government to a single plan so that we are all working in the same direction," he added.
Moreover, the plan would "bolster deep economic and social transformation while reinvigorating job creation and steering the economy forward," noted Garafil.
The National Economic and Development Authority (NEDA), which crafted the development plan, in August said it aims to improve the investment climate in the Philippines through quality employment.
"This is to transform the economy and make it more inclusive and resilient to unexpected shocks. The Plan will also be drafted with short-term issues in mind," the agency had said.
Socioeconomic Planning Secretary Arsenio Balisacan, meanwhile, said the development plan seeks inclusive development by laying out the administration's program priorities, strategies, and targets.
"Addressing inflation and the constraints to rapid economic growth, job creation, and poverty reduction in the new normal requires a whole-of-government and whole-of-society approach," said Balisacan.
WHAT IS A PHILIPPINE DEVELOPMENT PLAN?
A Philippine Development Plan is the government's "overall guide in development planning for six years," NEDA's website showed.
It also makes sure that the Chief Executive's development agenda will be achieved through the coordination of different government agencies, the private sector, and local government units.
A development plan is important because it "ensures that government resources and investments are channeled to programs, projects, and activities that best achieve the country’s goals and objectives," noted NEDA.
The approval of the 6-year development plan came weeks after Marcos described the accelerating inflation as "rampant" and "out of control" as the November rate quickened to 8 percent.
The Palace had said Philippines’ poverty level can be brought down to 9 percent in the next 6 years.
In 2021, the Philippines’ poverty incidence rose to 19.1 percent, which is equivalent to 19.99 million Filipinos, according to the Philippine Statistics Authority (PSA).