Marcos optimistic PDP will bring economic prosperity to PH
MANILA, PHILIPPINES — President Ferdinand “Bongbong” Marcos Jr. expressed optimism on the Philippine Development Plan (PDP) 2023-2028, which he recently signed, saying it would bring economic prosperity to the country.
The comprehensive PDP is projected to set the Philippines towards becoming an upper-middle income country by 2025. It also serves as a blueprint that would “reinvigorate job creation and accelerate poverty reduction by steering the economy back on the high-growth path and effect economic transformation.”
“These are truly bold plans, but I have the confidence in the brilliant minds who will become our partners in realizing the vision contained in this document and faith in the capacity of our people,” Marcos said.
“Indeed, we look towards the future with hope, with optimism. But our gaze can only go as far as what we have done to unburden the life of the ordinary Filipino,” the President said.
Under the PDP, the country will employ six “cross-cutting” strategies to catalyze economic, social, institutional and environmental transformation, namely:
- Digitalization
- Public-private partnerships
- Servification
- Dynamic innovation ecosystem
- Enhanced connectivity
- Greater collaboration between local and national governments
The Philippine government will strengthen and facilitate PPPs, trade and investments, research and development, and technology transfer, while encouraging robust competition. PPPs are expected to upgrade the country’s energy, logistics, transportation, telecommunications, and water infrastructure.
Under the PDP, the government will build on game-changing reforms to the investment environment such as the amendments to the Foreign Investment Act, Retail Trade Liberalization Act, and Public Service Act, as well as the passage of the Corporate Recovery and Tax Incentives for Enterprises Law.
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