At the 13th NEDA board meeting, Secretary Arsenio M. Balisacan laid out the roadmap for the future, setting the tone for the decisions and discussions that would follow. His opening remarks underscored the importance of the meeting in shaping the economic trajectory of the Philippines.
One of the key decisions made during the meeting focused on the Upgrade, Expansion, Operations, and Maintenance of the Laguindingan International Airport Project. The NEDA Board approved the negotiated parameters, terms, and conditions (PTCs) for this endeavor. This project is set to bolster regional development and promote tourism in Northern Mindanao and its neighboring regions.
The approval of the modified PTCs paves the way for this 12.75-billion pesos project to undergo the comparative challenge process. Prospective challengers will be given 90 days from the publication of the invitation for comparative proposals to submit their offers. The Original Proponent will be given 30 calendar days to match responsive comparative proposals. If no comparative proposals are received, the project shall be awarded to the Original Proponent by May 2024.
The NEDA Board also approved the request to change the timeline and scope of the Department of Trade and Industry’s Rural Agro-enterprise Partnership for Inclusive Development and Growth or RAPID Growth Project. This project, amounting to 4.78 billion pesos, aims to support 78,000 farming households by expanding both on-farm and off-farm activities and generating employment opportunities in rural areas.
The RAPID Growth Project seeks to support the growth and development of micro, small, and medium enterprises or MSMEs with strong backward linkages to farmers, and to provide them access to the needed capital to sustain their businesses. It will also create business partnerships between MSMEs and farmers to ensure a steady source of high-quality raw materials for the production needs of agro-enterprises.
The Philippine Development Report, or PDR 2023, was presented to the President and members of the Cabinet. This report contains updates on the major programs, projects, and policies implemented in 2023 and evaluates the country’s performance based on the outcome indicators identified in the PDP.
The PDR is a forward-looking document that considers and anticipates both internal and external developments and scenarios. It identifies the lessons learned and translates these into urgent priorities and plans of action to ensure we remain on track to meet our goals by 2028.
The Philippine economy generally performed well in 2023, despite the magnitude of the challenges faced. The experience has led to the acknowledgment of the importance of reinforcing our fiscal position to sustain rapid and inclusive growth in the coming years.
For 2024, the plan is to achieve a full-year GDP growth rate of 6.5 to 7.5 percent to generate economic opportunities, increase employment, raise per capita incomes, and elevate our economy to “upper-middle-income-country” status by 2025.
The Marcos Administration remains steadfast in carrying out its transformation agenda as they expedite the approval of game-changing projects and ensure that all of the government’s programs and policies support our unified pursuit of a Bagong Pilipinas.
Unveiling the pivotal decisions from the 13th NEDA board meeting that are set to shape the Philippines' economic landscape. Key highlights include the revamp of the Laguindingan International Airport and the RAPID Growth Project, both aimed at stimulating regional growth and development. Discover how these developments are charting the course for the nation's future.
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