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Philippine Development Plan 2023-2028 | Department of Economy, Planning, and Development | YouTubeToText
YouTube Transcript: Philippine Development Plan 2023-2028
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Summary
Core Theme
The Philippines is embarking on a comprehensive economic and social transformation plan (2023-2028) to achieve sustained growth, reduce poverty, and build a prosperous, inclusive, and resilient society, learning from past successes and recent global challenges.
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over the past two decades the
Philippines has pursued game-changing
structural reforms that led to high
sustained growth and relatively rapid
poverty reduction from being a sick man
of Asia the Philippines was recognized
as Asia's Rising tiger however in 2020
covid-19 struck and reversed some of the gains
gains
meanwhile fundamental changes were
unfolding digitalization accelerated and
whether patterns became increasingly
more volatile
geopolitical conflicts disrupted Supply
chains and caused High inflation worldwide
worldwide
slowdowns and recessions are foreseen in
many countries
the years under the pandemic taught us
many things but several stand out first
we have learned that maintaining robust
macroeconomic fundamentals is key to a
more rapid recovery and to preventing
deep socio-economic scars
second the Vitality of our economy is
only as good as the country's health and
education systems and third a whole of
government and whole society approach is
fundamental to policy effectiveness
drawing lessons from the past the
administration of Ferdinand Bongo Marcus
Jr has embarked on a mission of economic
and social transformation toward the
prosperous inclusive and resilient Society
Society
through the Philippine development plan
2023-2028 the Philippines Endeavors to
attain the following development goals
we will sustain the rapid growth of Real
gross domestic product or GDP at 6.5 to
8.0 percent each year with high growth
gross national income per capita is
targeted to increase to
6044 to
6571 US Dollars allowing us to attain
upper middle income country status
between 2024 and 2025. to be meaningful
economic growth must be inclusive
economic expansion will not just result
in more jobs but better and high quality
jobs and improved quality of life
we aim to reduce the unemployment rate
to 4.0 to 5.0 percent we also aim to
increase the proportion of wage and
salaried workers in private
establishments to 53.0 to 55.0 percent
by 2028.
working abroad will no longer be a
necessity for Filipinos only an option
better income earning opportunities must
be accompanied by the protection of
people's purchasing power we aim to keep
price increases manageable for the
ordinary Filipino by keeping both
headline inflation and food inflation to
within two to four percent throughout
the plan period
to ensure that economic growth is
sustainable in the medium term and that
the welfare of future Generations will
not be jeopardized sound fiscal
management will be implemented we aim to
reduce the national government deficit
to GDP ratio to 3.0 and the outstanding
national government that the GPB ratio
between 48 and 53 in 2028 we will
improve our Innovation ecosystem to move
up our ranking in the global Innovation
index and improve our score and rank in
the global competitiveness index to be
among the top 33
ultimately obtaining these targets will
allow us to dramatically improve the
welfare of filipinos with poverty
incidents reduced to single digit level
by 2028. these headline figures are
translated into measurable indicators as
well as annual targets that will guide
our strategies actions and budget over
the next six years
we have assembled the best Filipino
Minds to help navigate us to This Global
crisis that we are now facing
we will endure
let our Filipino Spirit ever remain undim
undim
in line with ambition not in 2040 the
Philippine development plan
2023-2028 contains transformative
initiatives and policies for our economy
Society institutions and the environment
these include cross-cutting strategies
such as digitalization more and better
public-private Partnerships improving
connectivity harnessing technology and Innovation
Innovation
serviceification and strong
collaboration between the national and
local governments we will transform the
economic or production sector to be
competitive and globally connected the
Agriculture and agri-business sector
will be modernized to make the sector
productive Diversified resilient and
strongly linked with industry and services
services
the industry sector will be revitalized
science technology and Innovation will
be key drivers of industrialization and
will increase the country's competitiveness
the services sector will shift from its
low level of productivity to become a
modern productive and resilient Global
leader providing higher value adding and
differentiated services
we will boost the tourism sector as a
driver of inclusive growth through
strong Partnerships with Enterprises and lgus
lgus
we will initiate hand-holding programs
for the creative Industries information
technology and business Process
Management sectors to enable them to
participate in global value chains and
to build the distinctly Filipino brand
of Tourism and culture
transforming the production sectors
entails promoting trade and Investments
including in research and development as
well as enhancing intersectoral linkages
through policies enabling open and
competitive markets businesses will be
assured of procedural transparency lower
transaction costs a healthy regulatory
environment and a Level Playing Field
to increase Filipinos access to more
economic opportunities we will transform
the social or human development sector
we will promote and improve lifelong
learning and education to increase
students success rates and Achieve our
targeted level of proficiency in reading
and math
to become globally competitive we will
work to increase the number of
educational institutions that are
reputable internationally
to boost Health we will provide Safe
Drinking Water basic sanitation and
nutritious food choices and Implement
other interventions leading to healthy
schools communities workplaces and
Lifestyles we aim to establish livable
communities through an integrated use of
space that will bring people closer to
work Recreation and Transit options
through production and effective Supply
management food security and proper
nutrition will be made accessible and
affordable we will strengthen our social
protection system to empower all
Filipinos to prevent respond to and
recover from various shocks by
streamlining contingency financing
mechanisms promoting digital cash
transfers and expanding insurance
coverage we will enable our Workforce to
earn higher incomes through skills
upgrading and updating
with more and better jobs in the country
we will reintegrate migrant workers back
into the domestic economy
to enable transformation our
institutions will be collaborative
responsive reliable and efficient in
providing Services
improving bureaucratic efficiency and
practicing good governance is the top
priority of this Administration
we will ensure sound fiscal management
and improve the tax regime and we will
support competent motivated agile and
resilient public servants the financial
sector will be more Innovative and
inclusive we will work for broad-based
access to digital Financial Services we
will promote the use of the philses
national ID and the financial sector
system linkage with the philses digital ID
ID
peace and security are important
requisites for growth and development we
will continue to invest in peace and
measures to protect people from
criminality from natural hazards and
other security threats we will enhance
the administration of justice by
strengthening civil penal commercial
administrative and non-traditional systems
systems
as a highly vulnerable country we must
adapt to climate change and protect the
environment in infrastructure
development climate change and
environmental impact will be a primary
consideration as we build disaster
resilience to maximize our use of
resources while considering future
Generations we will prioritize digital
infrastructure Intermodal transport
facilities water and energy
through a sound monitoring and
[Music]
we shall continue to build better and more
more
I do not intend to diminish the risks
the challenges that we face in this
turbulent time in global history
and yet I see sunlight filtering through
these dark clouds
despite the uncertainties clouding the
path ahead our long-term Vision remains
the Marcus Administration is committed
to sustaining our progress and turning
this ambition into a reality
the Philippine development plan 2023-2028
2023-2028 [Music]
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