The National Economic and Development Authority (NEDA) reported major accomplishments this year such as pushing for the approval of 197 infrastructure flagship projects amounting to P8.7 trillion, ensuring food security, and carrying out sound economic policies, which contributed to significant socioeconomic development of the country.
In a social media post, NEDA said the year 2023 has been “a year of hard work and dedication.”
“The NEDA Board convened 12 times this year – the highest number in recent years – to swiftly approve and endorse critical infrastructure projects, plans, and measures. NEDA also advocated for critical policies aimed at transforming our society into one that is prosperous, inclusive, and resilient,” NEDA said, adding that its 2023 initiatives have laid the groundwork for deep economic and social transformation in the years to come.
“While there is more work ahead for NEDA to achieve our development goals, we assure you that our active dedication to improving the lives of every Filipino will remain steadfast in the coming years,” it added.
Among its initiatives include the government’s continued implementation of timely strategies to manage food commodity prices, protect the purchasing power of Filipino families, and supporting the most vulnerable sector through targeted subsidies.
According to NEDA, the continued implementation of Executive Order 10 has made significant impact on managing food inflation by reducing the most favored nation (MFN) tariff rates for key commodities such as rice, pork and corn.
The suspension of the collection of pass-through fees helped reduce the cost of transporting goods across the country, and the increased allocation for research and development (R&D) for agriculture, forestry and fisheries (AFF) is seen to increase agricultural productivity.
The Rice Competitiveness Enhancement Fund (RCEF) aided Filipino farmers in improving their farm yield for the three quarters of 2023 increasing to 4.19 metric tons per hectare from 4.14 MT per hectare for the same period in 2022.
And to manage inflation, NEDA said President Ferdinand R. Marcos Jr. established the Inter-Agency Committee on Inflation and Market Outlook to provide timely and relevant policy advice on inflation.
With regard to infrastructure development, the NEDA Board chaired by the President, approved a total of 197 Infrastructure Flagship Projects (IFPs) amounting PhP8.7 trillion in 2023 as part of the administration’s Build Better More Infrastructure Program.
“With more highways, bridges, airports, railways, ports, and telecommunications, the country aims to significantly reduce the cost of doing business. This will further expand market opportunities, especially for micro, small and medium enterprises (MSMEs), and promote high-quality job creation and innovation,” the agency said.
Through good stewardship, NEDA said the administration made inroads in generating more jobs for Filipinos, with the latest labor statistics indicating unemployment and underemployment decreasing to 4.2 percent and 11.7 percent, respectively, in October 2023.
Moving forward, NEDA said the Marcos administration remains committed to fostering job-generating investments from the private sector, enhancing human capital, and ramping up social and physical infrastructure to improve employment prospects and create more high-quality jobs.
In 2023, NEDA also played an active role in launching and passing several regulatory reforms and strategies to propel the economy further towards inclusive and sustainable growth.
Among these measures include the Philippine Development Plan 2023-2028 and the National Innovation Agenda and Strategy Document for 2023-2032, the country’s participation to the Regional Comprehensive Economic Partnership (RCEP) trade agreement, the issuance of the IRR for the Amendments to the Public Service Act and the Digital Workforce Competitiveness Act and the enactment of the Public-Private Partnership Code.