The National Economic and Development Authority (NEDA) said that the mid-term update of the 2011-2016 Philippine Development Plan (PDP) would dwell on inclusivity by focusing on job-generating sectors, increasing investments, and sustaining the macroeconomic record of the country.
Deputy Director General Emmanuel Esguerra said in a hearing at the House of Representatives that the midterm update will be more on “boosting competitiveness on labor” “sustaining macroeconomic growth” as well as investments, particularly raising capital for further infrastructure development.
“Having macroeconomic stability have rewarded us investment grade [rating], and that is good for improvement of the access to financing especially the international capital markets,” Esguerra said, referring to the stable and high quarterly gross domestic product GDP, and the optimistic prospects for the country’s economy.
Employment-generating sectors seen to reduce poverty and raise inclusive growth include the manufacturing sector, business processing outsource (BPO), infrastructure, and tourism.
“To sustain growth, we need to ensure that economic growth benefits anyone, regardless of the status. We need macro stability and investments,” the NEDA deputy director general said.
In terms of infrastructure, Esguerra said that the NEDA is targeting to intensify infrastructure to “at least 5 percent” share of GDP.
“There is so much demand for infrastructure and power which will increase infra projects… [Aside from infrastructure,] we need to diversify the manufacturing sector to provide greater value added in production and strengthen the country’s agro-industry link,” he added.
Esguerra noted that the mid-term would also take notice of “streamlining registration and licensing procedures in businesses and implementing necessary programs and projects of other agencies…better access to basic education and health services and enhance capacity in engaging in markets.”
He also cited that for the education sector, the NEDA is still pushing for the information and trainings in the curriculum structure of the country, in relation to the Pantawid Pamilya program compatible with the K to 12 program.
Esguerra cited that other regions outside of the National Capital Region are also included in the update, also counting the great contribution of Mindanao to agribusiness, tourism and Halal industries, titling of lands under the agrarian reform program in regions, investments in human capital, provision of human protection to shocks, and improving the country’s resilience to natural disasters.
For 2014, the NEDA forecasts 6-percent to 7-percent GDP growth which will be driven by “manufacturing, recovery of the semiconductors and electronics, robust public and private constructions as well as domestic and local tourism.”