(DAVAO CITY, 09 August 2023) Creating an enabling investment climate is key in attaining a fast-growing and forward-looking Philippine economy, says the National Economic and Development Authority (NEDA).
In the Post-State of the Nation Address (SONA) Philippine Economic Briefing (PEB) on 9 August 2023 in Davao City, NEDA Undersecretary (USec.) Joseph J. Capuno affirmed the alignment of government efforts to creating a favorable investment climate in areas that spur growth and inclusive development such as physical and digital connectivity, energy, water resources, telecommunications, logistics, and human capital (i.e., health, education, and social protection).
“The commitment of the government to boost economic development is manifested in its build better more priority projects including the allocation of 5 to 6 percent of the country’s annual GDP to infrastructure spending,” said USec. Capuno.
In addition, USec. Capuno said that the NEDA is also closely coordinating with various government agencies in promoting innovation ecosystems which also plays a crucial role in bringing about a competitive environment.
By implementing the priority investments, the government aims to attract job-generating investments that can provide Filipino workers with more income and high-quality jobs. Likewise, support for employers, especially the Micro, Small, and Medium Enterprises (MSMEs), shall be in place to provide them with enterprise-directed programs.
Aligned with the Philippine Development Plan, 2023-2028 or PDP’s goal of attaining deep socioeconomic transformation over the medium-term, the Davao Regional Development Plan (2023-2028) or DRDP aims to improve the welfare of individuals and families in Davao Region by reducing the poverty incidence from 16.8 percent in 2021 to about 9.5 percent to 9.9 percent in 2028.
Among the Region’s priority investments include training and skills development to improve the employability of the workforce, and improving infrastructure such as railways, ports, roads, and airports as well as energy, water, and telecommunication networks.
By expanding the regional economic activities, more resources are expected to be allotted for the provision of social services, including health, education, and social protection. (Katrina M. Sanchez, EDS I, DRD)