Marcos Jr. administration

Marcos signs EO containing admin’s economic recovery ‘roadmap’

Bea Cupin

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Marcos signs EO containing admin’s economic recovery ‘roadmap’

FILE PHOTO: President Ferdinand R. Marcos Jr.

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The objective of the Philippine Development Plan of President Marcos is to 'bring back the country to a high-growth trajectory and more importantly, enable economic and social transformation for a prosperous, inclusive, and resilient society'

MANILA, Philippines – President Ferdinand Marcos Jr. signed on January 27, an executive order approving and adopting the Philippine Development Plan (PDP) for 2023 to 2028.

Executive Order 14 was released on Monday, January 30, hours before Marcos and his economic team unveiled the plan at an event at the Philippine International Convention Center.

The plan, according to the Palace, would “bring back the country to a high-growth trajectory and more importantly, enable economic and social transformation for a prosperous, inclusive, and resilient society.” Economic recovery “post-pandemic” being among the main promises of Marcos since he began his term in June 2022.

The National Economic and Development Authority (NEDA) Board, also headed by Marcos, had approved the plan on December 16, 2022. The EO, in effect, institutionalizes the plan, which is a result of consultation among different agencies and stakeholders.

The EO directs government agencies, including government-owned or -controlled corporations, state universities and colleges, and local government units, among others, to also follow the plan.

The goals of the roadmap:

  • Annual economic growth rate 6.0 to 7.0% in 2023, and between 6.5 to 8.0% from 2024 to 2028;
  • Keep unemployment within 4.0 to 5.0%;
  • Food and overall inflation within 2.5 to 4.5% in 2023 and within 2.0 to 4.0% from 2024 to 2028;
  • Reduce government deficit to Gross Domestic Product ratio from 6.5% in the first half of 2022 to 3.0% in 2028;
  • Reduce outstanding government debt GDP ratio from 63.7% in September 2022 to 48 to 55% by the end of 2028;
  • Rank higher within the top 33% of the Global Competitive Index by 2028; and
  • Reduce poverty incidence to 8 to 9% by 2028.

Marcos has been traveling around the world, promising Filipinos back home gains through foreign investments.

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Thus far, Marcos and his economic team – who presented the PDP alongside him – have thus far come home mostly with pledges both from other governments and the private sector. – Rappler.com

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Bea Cupin

Bea is a senior multimedia reporter who covers national politics. She's been a journalist since 2011 and has written about Congress, the national police, and the Liberal Party for Rappler.