As delivered Keynote Message of NEDA Secretary Arsenio M Balisacan during the 14th Regional Development Council – Private Sector Representatives National Convention

Theme: Festival of HOPE:

“Harnessing Opportunities, Participation, and Empowerment”

Iloilo Convention Center, Iloilo City

27 April 2023 (Day 1) | 10:15 AM

NEDA Undersecretary Carlos Abad Santos III

RDC Co-Chairperson PSR Atty. Jobert Peñaflorida,

RDC Vice Chairperson Director Arecio Casing Jr.,

Private sector representatives

Fellow NEDAns present here today,

Fellow workers in government,

Ladies and gentlemen,

Maayong aga sa inyo nga tanan!

It is a great honor for me to be present here today at the 14th Regional Development Council–Private Sector Representatives National Convention — the first in-person RDC-PSR convention since the onset of the pandemic.

This year’s theme, “Festival of HOPE: Harnessing Opportunities, Participation, and Empowerment,” reflects the RDC-PSRs’ collective commitment to working with the government to achieve our shared vision of a matatag, maginhawa at panatag na buhay para sa lahat. This event serves as a platform for the RDC-PSRs from all over the country to get together and engage in cordial and productive interactions and discussions, thereby promoting solidarity among the RDCs, who are our main partners in advancing inclusive socio-economic development in the regions.

The good news is the Philippine economy is gaining momentum and looking to sustain its high-growth trajectory for the medium term. Our post-pandemic recovery is undoubtedly promising, with a full-year gross domestic product or GDP growth of 7.6 percent in 2022, exceeding market expectations or market forecasts and the official annual target of 6.5 percent to 7.5 percent for the year. For 2023, because of anticipated headwinds and challenges, growth is expected to decelerate slightly to 6.0 – 7.0 percent, but we expect it to rebound to a range of 6.5 percent to 8.0 percent from 2024 to 2028. The country’s labor and employment outlook is promising. With the economy fully open, unemployment decelerated or decreased to 4.8 percent in February 2023 from 6.4 percent in the previous year. Consumers and businesses have regained their confidence with the resumption of normal economic activity: tourism and consumption have picked up, and plans for business expansion are gaining traction because of the more stable commercial environment and the government’s strong push to improve the investment and regulatory climate.

Despite progress, we must stay engaged and active, as we still have much work to do to sustain and exceed our current economic performance. In particular, we expect inflation to remain a challenge this year, owing mainly to domestic issues and constraints in local food production and importation policies, the spread of animal diseases, the twin threats of El Niño and typhoons, higher energy costs, and second-round effects from these events. Addressing inflation is paramount to achieving our poverty-reduction goals, ensuring food security, protecting purchasing power, and ensuring a stable macroeconomic environment for consumers and businesses.

As you must know, these high-priority objectives are found in the 8-Point Socioeconomic Agenda of the Marcos Administration, which frames the Philippine Development Plan or PDP 2023-2028. The PDP aims to reinvigorate job creation and accelerate poverty reduction by promoting rapid, sustained, and inclusive economic growth. The Plan aims to transform our production and social sectors while simultaneously creating a conducive environment through our government institutions and regulatory landscape. The Regional Development Plans or RDPs for 2023-2028—in which you have all participated in crafting—are of utmost importance in establishing the strategies for local development and monitoring local socioeconomic outcomes over time.

We must emphasize the vital role the RDCs play in setting the direction of economic and social transformation of the regions. President Marcos has recognized this significant role of RDCs by promptly appointing the majority of RDC Chairpersons and Vice-Chairpersons within the first six months of his term. He has also instructed the National Economic and Development Authority or NEDA to increase its presence at the local level and facilitate efforts to bring government programs closer to Filipinos. As the country’s premier socioeconomic planning agency, we aim to offer more technical support to local government units or LGUs in the upcoming months and years as we refine and enhance our regional and local planning methodologies and processes. We shall provide critical support to ensure that LGUs can conduct their socioeconomic planning, investment programming, and monitoring and evaluation exercises in light of the country’s devolution initiative.

I am pleased to note that the theme for this year’s PSR convention is centered on “Filipinnovation,” a very timely topic given our recent commemoration of the “National Innovation Day” on April 21, 2023. Note that we will be holding the celebration tomorrow. We have identified the promotion of innovation as a key priority by the national government, which aims to cultivate dynamic innovation ecosystems that can support economic and social transformation. We expect a robust innovation ecosystem to result in improvements in our production sectors, the design and export of competitive and world-class Filipino products, the creation of a more attractive investment environment and high-quality employment opportunities, and sustained long-term productivity growth and improvements in Filipinos’ quality of life.

By addressing policy and regulatory constraints, we must vigorously promote and advance the culture of innovation while raising our investments in research and development, which is crucial to improving our economy’s productivity. Additionally, we aim to support start-ups and small and innovative businesses, recognizing their potential to contribute to the growth and development of our country. The RDCs, serving as counterparts of the National Innovation Council, will play a crucial role in formulating frameworks enabling regional linkages and partnerships to foster knowledge and technological exchange.

Therefore, I urge our PSR partners to have fruitful discussions on our region’s development opportunities and prospects. Let us all take this time to reconnect and, true to the spirit of our theme, come up with fresh ideas and game-changing solutions.

Again, let me express my heartfelt gratitude to our Private Sector Representatives for their unwavering support in the country’s development endeavors, and to our hosts in RDC VI for their warm hospitality and hard work in making this conference possible.

Thank you, and I wish you all a vibrant and successful conference.

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