INFRA, HUMAN CAPITAL INVESTMENTS KEY TO BOOST DAVAO REGION’S ECONOMY – NEDA

Creating a conducive investment climate is crucial for attracting infrastructure and human capital investments, which are essential for achieving a fast-growing and future-oriented economy in the Davao region and the country, according to the National Economic and Development Authority (NEDA).

NEDA Undersecretary for Investment Programming Group, Joseph J. Capuno, affirmed the government’s commitment to aligning efforts in order to ensure a favorable investment climate in areas that can stimulate growth and promote inclusive development.

These include infrastructure projects for physical and digital connectivity, energy, water resources, telecommunications, and logistics, and human capital projects for health, education, and social protection.

“The commitment of the government to boost economic development is manifested in its Build-Better-More priority projects including the allocation of 5 to 6 percent of the country’s annual GDP to infrastructure spending,” said Capuno during the Davao leg of the Post-SONA Philippine Economic Briefing on August 9, 2023.

In addition, he mentioned that NEDA is also closely coordinating with various government agencies to promote innovation ecosystems, which also play a crucial role in enabling competition.

Moreover, by implementing these priority investments, the government aims to attract job-generating investments that can provide Filipino workers with higher income and high-quality jobs. Enterprise-directed programs will also be implemented to support micro, small, and medium enterprises.

Meanwhile, the Davao Regional Development Plan 2023-2028 aims to improve the welfare of individuals and families in the Davao Region by reducing the poverty incidence from 16.8 percent in 2021 to approximately 9.5-9.9 percent in 2028. This is also aligned with the Philippine Development Plan 2023-2028.

Among the region’s priority investments are training and skills development to enhance the employability of the workforce, as well as improving infrastructure such as railways, ports, roads, and airports. Additionally, investments are being made in energy, water, and telecommunication networks.

By expanding economic activities in the region, more resources are expected to be allocated for the provision of social services, including healthcare, education, and social protection.

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