NEDA: Economy thriving under President Marcos

One year into the Marcos administration, the National Economic and Development Authority (NEDA) said the country’s economy is thriving, showing resilience through strategic policies, increased investments, job creation, and enhanced investor confidence.

NEDA Secretary Arsenio M. Balisacan said President Marcos assumed office under very challenging and unique economic circumstances, as the nation grappled with the aftermath of the macroeconomic shock induced by the pandemic.

“In 2022, President Marcos’ assumption into office provided the critical pivot toward the country’s full recovery from the Covid-19 pandemic,” Balisacan said in a statement.

According to Balisacan, the resurgence of the economy since July last year was due to proactive measures taken by President Marcos, particularly the lifting of mobility restrictions, which sparked a revival of the country’s primary growth catalysts.

Notably, he said the demand side experienced a boost through increased consumption, while the supply side saw a resurgence in the services sector.

By swiftly removing pandemic restrictions, Balisacan said President Marcos facilitated the recovery of industries that heavily rely on personal interaction and mobility, such as retail, transportation, and tourism.

“The agenda not only focuses on pressing, short-term issues such as inflation, a tighter fiscal space, and socioeconomic scarring but also on priorities for the medium term to reinvigorate higher-quality job creation and accelerate poverty reduction in the next six years,” he said.

Other early initiatives implemented by the President were his 8-Point Socioeconomic Agenda, Medium-Term Fiscal Framework, 5.268-trillion People’s Enacted Budget for 2023, and the Philippine Development Plan 2023-2028.

“One year into the Marcos Presidency, the Philippine economy remains firmly on track as it returns to its high-growth norm, supported by a strong labor market performance and a downward-trending inflation that is on its way to reaching the government’s target,” Balisacan said.

Towards this end, Balisacan said President Marcos has set a clear policy direction and conveyed signals to investors and trading partners that the Philippines is indeed “open for business.”

First, the government swiftly created a more open and enabling regulatory and investment policy environment, implementing key measures such as the CREATE Law and amendments to the Public Services Act, Foreign Investments Act, and Retail Trade Liberalization Act.

Secondly, the President’s commitment to cohesive policies is demonstrated through a Cabinet comprising members who understand and address the constraints necessary to achieve his socioeconomic agenda.

Third, the Philippines has expanded its economy through initiatives such as joining the Regional Comprehensive Economic Partnership and implementing Green Lanes for Strategic Investments.

The government also amended the renewable energy and Build-Operate-Transfer laws, revised NEDA Joint Venture Guidelines, and implemented the Build-Better-More program and project pipeline for public-private partnerships.

Fourth, President Marcos also personally leads the National Innovation Council (NIC), emphasizing the importance of establishing a dynamic innovation ecosystem to support economic growth and improve quality of life.

Lastly, under President Marcos’ leadership, the NEDA Board is prioritizing efficient project evaluation and approval to ensure timely implementation while safeguarding public interest, with active engagement of the private sector.

“In all these, the Marcos Administration is committed to ensuring that the poor and vulnerable are protected from economic shocks,” Balisacan said.

“Overall, despite the many challenges and headwinds it has faced, the Marcos Administration has successfully navigated its first full year in office but recognizes that much is yet to be done,” he concluded.