The National Economic and Development Authority (NEDA), the Philippines’ state planning agency, will oversee the development of a 10-year plan to recover from the COVID-19 pandemic and stay on track with the country’s long-term goal of eradicating poverty by 2040.
Neda Undersecretary Rosemarie Edillon told the joint economic briefing held by foreign business groups that the plan moving forward involved a time frame of about 10 years for the next socioeconomic blueprint to follow the Duterte administration’s Updated Philippine Development Plan (PDP) 2017-2022.
The revised 2017-2022 Philippine Development Plan showed a less ambitious target to reduce poverty incidence to 15.5-17.5 percent of the population next year, compared to the 13-15 percent goal at the start of this administration’s term, as the health and socioeconomic crises wrought by COVID-19 dialed back gains made pre-pandemic.
The country’s medium-term development plans usually cover only six years or within the term of one administration, although the government had adopted the AmBisyon Natin 2040 long-term vision which was aimed at making the country a prosperous, middle-class society where no one would be poor 19 years from now.
Under AmBisyon Natin 2040, the Philippines aimed to triple the Filipinos’ per capita income to $11,000 by sustaining at least 6.5-percent annual gross domestic product growth alongside the implementation of policies that would make it a high-income country by 2040.
She said the plan would focus on strengthening the following sectors: food systems, health systems, learning systems, transport and logistics, wholesale and retail trade, and the financial system.
The upcoming development agenda will also be geared toward digital transformation, research and development and innovation in light of the “new normal” brought about by the COVID-19 pandemic, Edillon said.