THE government is optimistic that the targets this year for industry and services (I&S) and the financial sector under the Philippine Development Plan (PDP) are achievable, the National Economic and Development Authority (NEDA) said.
In a statement issued over the weekend based on the initial results of an ongoing assessment and validation conducted by a committee under it, NEDA said that according to the Planning Committee on Economic Development, indicators in the I&S sectors that were validated to have a high probability of meeting their 2014 targets include improvement of gross value-added in services, the Philippine Innovation Index, Doing Business global ranking, and labor productivity.
The committee is also optimistic of achieving the targets in intellectual property products expenditure, level of consumer awareness, and services exports, NEDA said.
These indicators are significant in monitoring progress toward an improved business climate, higher productivity and innovative capacity, enhanced consumer welfare, and expanded market access in the industry and services sectors, the economic planning agency said.
The committee is also positive on the target of increased access to financing to sustain and broaden growth, as all of the critical indicators in the financial sector exhibit a high probability of achievement by 2016.
These indicators include growth of the financial system’s total assets, improvement of the national savings rate, increase in the number of deposit accounts per population of 1,000, improvement in the delivery of microfinance services, and increase in the number of access points per population of 10,000.
“The objectives of this exercise are to take a look at where we are in relation to the targets of the updated PDP, to pinpoint the gaps and see what can be done going forward in order to meet the objectives of the plan,” said Emmanuel Esguerra, NEDA deputy director general and chairman of the committee.
Esguerra said the government updated the PDP 2011-2016 and included annual targets to better keep track of progress and allow for timely intervention.
Meanwhile, Rosemarie Edillon, NEDA assistant director-general, assured that the PDP targets are earnestly monitored. “This is being done by the different inter-agency committees and subcommittees that prepared the PDP Midterm Update. These will then be reported to the respective NEDA committees or Cabinet clusters,” she said.
“In particular, for the Planning Committee on Economic Development (PC1), the desired outcome is rapid growth that is inclusive and sustained. The PC1 will then report to the Economic Development Cluster the accomplishments to date, the gaps and suggested measures to achieve the targets, as necessary,” Edillon said.