The government is pushing key reforms in pursuit of sustained and inclusive growth, according to the National Economic and Development Authority (NEDA).
Speaking at the Fourth Philippines-Singapore Business and Investment Summit (PSBIS) on Thursday, NEDA Secretary Arsenio Balisacan identified these reforms as the Rationalization of the Mining Fiscal Regime, Amendments to the Electric Power Industry Reform Act and the Excise Tax on Single-Use Plastics.
He said the creation of the Department of Water Resources would also help strengthen the governance of the water sector and enhance water resources management.
Balisacan said the government’s strategies for sustainable growth and a greener future hinge on robust investments in infrastructure and innovation to enhance the country’s resilience against climate shocks.
During the session titled “Green Blueprint: Economic Outlook, Priority Expenditures and Strategic Investment Priorities,” Balisacan highlighted the Philippine Development Plan (PDP) 2023-2028. He outlined the government’s priority strategies for fostering climate-resilient and adaptive ecosystems and communities, with a strong focus on building essential infrastructure.
“The Philippines is one of the countries most vulnerable to the impact of climate change and compounding disasters, ranking first among 193 countries based on the 2023 World Risk Report. We acknowledge that significant investments in sustainable and resilient infrastructure are necessary to enhance our economy’s resilience to shocks, further protect our environment, and even kick-start the creation of high-quality jobs,” said Balisacan.
Balisacan said there are 164 public-private-partnership projects underway, valued at about P3.2 trillion ($56 billion). These projects span sectors such as physical and digital connectivity, healthcare, water and sanitation, solid waste management and energy.
He said of the country’s 186 infrastructure flagship projects worth about P9.6 trillion ($170 billion), 29 are dedicated to improving irrigation and water resources, nine to the agriculture sector, and one to improving power and energy infrastructure.
The country’s chief socioeconomic planner highlighted the importance of promoting human and social development through the creation of livable communities.
“Our communities and ecosystems must be resilient to environmental hazards and adaptable to a fast-changing climate. The government will work with the private sector as we carry out a transition to a low-carbon economy in a manner that is efficient and appropriate to our people’s and economy’s development needs,” he said.
Balisacan also emphasized the importance of science, technology, and innovation in addressing the country’s numerous development challenges and risks. Through the National Innovation Agenda and Strategy Document (NIASD) for 2023-2032, the National Innovation Council, composed of members from the private and public sectors, has set out a clear plan to build a vibrant innovation system.
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