Marcos economic team unveils 8-point socioeconomic agenda

President Ferdinand Marcos Jr.’s economic team on Tuesday unveiled an eight-point agenda aimed at achieving his administration’s goals of bringing down the poverty rate to a single-digit and elevating the country’s status as an upper-middle income economy.

In his remarks during the post-State of the Nation Address (SONA) Economic Briefing in Pasay City, Finance Secretary Benjamin Diokno said that while the economy is expected to continue its expansion, “the operating environment remains uncertain and difficult.”

This, as inflation is expected to remain elevated due to rising oil and commodity prices, the effects of pandemic linger, and the global political-economy remain unpredictable, according to Diokno.

“The Marcos administration will implement a comprehensive eight-point socioeconomic agenda to decisively respond to these risks and steer the economy back to its high growth trajectory,” the Finance chief said.

The eight-point agenda are as follows:

1. Protect purchasing power and mitigate socioeconomic scarring by ensuring food security, reducing transport and logistics costs, and reduce energy costs to families;
2. Reduce vulnerability and mitigate scarring from the COVID-19 pandemic by tackling health, strengthening social protections, and addressing learning losses;
3. Ensure sound macroeconomic fundamentals by enhancing bureaucratic efficiency and sound fiscal management and ensuring a resilient and innovative financial sector;
4. Create more jobs by promoting trade and investments, improving infrastructure, and achieving energy security;
5. Create quality jobs by increasing employability, encouraging research and development and innovation, enhancing digital economy;
6. Create green jobs by pursuing green economy and establishing livable and sustainable communities;
7. Uphold public order and safety, peace, and security; and 
8. Ensure a level playing field by strengthening market competition and reducing barriers to entry and limits to entrepreneurship.

“These interventions will enable us to cut poverty incidence to 9% by 2028 and elevate the country to upper-middle income status. We will do all of these while exercising fiscal discipline,” Diokno said.

“The economic team is committed to implementing a medium-term fiscal framework. This serves as our blue print to reduce fiscal deficit, promote fiscal sustainability, and enable robust economic growth,” he added.

On Monday, Marcos said his administration will bring down poverty to 9% by the end of his six-year term and bring the Philippines to “upper-middle income status by 2024” with “at least $4,256 income per capita.” 

“In the near term, the plan seeks to address the immediate challenges confronting the Filipino people—rising prices, scarring from the COVID-19 pandemic, and ensuring sound macroeconomic fundamentals,” Diokno said.

“Over the medium term, the goal is to create more jobs. Not just ordinary jobs but quality jobs and green jobs. We will achieve this goal through higher investments in infrastructure, human development, and digitalization,” he said.

The Finance chief said the Marcos administration commits to build a robust economy for faster, greener, and more inclusive growth that benefits all Filipinos. —KG, GMA News