OPENING REMARKS OF SOCIOECONOMIC PLANNING SECRETARY ERNESTO M. PERNIA DURING THE JANUARY #ASKNEDA MEDIA BRIEFING

I would like to welcome everyone to our first AskNEDA media briefing for 2019.

Today, we are pleased to give you a preview of the Socieoconomic Report 2018 or SER for short, even as we are still working on the full write up.

The report will show the amount of progress we have made in our quest to lay down a strong foundation for inclusive growth, a high trust and resilient society and a globally-competitive knowledge economy. The Philippine Development Plan or PDP 2017-2022 is an ambitious and comprehensive plan, as you know, as it integrates the current administration’s 0-10-point socioeconomic agenda, our international commitments, and the country’s long-term vision or AmBisyon Natin 2040 spanning more than 20 years. The year 2018 marked the second year of Plan implementation. The past two years have been devoted largely to laying the groundwork for far-reaching economic, social, and governance reforms, as well as massive infrastructure programs towards inclusive and broad-based economic growth. And we can confidently say that we are far from doing badly. And more like, we are doing a decent job at least, so far.

Last week, we reported that the economy grew by 6.2 percent in 2018 and remains one of the fastest economies in the region.

As you know, the economy has been recording uninterrupted growth of at least 6 percent for 15 consecutive quarters. In the first 10 quarters of this administration, GDP growth has averaged 6.5 percent. Quiet respectable, in both historical and comparative perspectives, I must say. Indeed, we are now on a higher growth trajectory.

Amid global economic slowdown and market uncertainties, we fell short of our PDP growth targets but have made great strides in putting in place some critical reforms that will have long-term benefits. These include the Philippine Identification System Act (PhilSys), the Ease of Doing Business Act, and the 11th Regular Foreign Investment Negative List,among others.

With these key reforms, we expect the performance of the economy to be robust despite domestic and external risks and uncertainties. These reforms will likely strengthen economic and financial inclusion, make the delivery of public services more efficient, facilitate ease of doing business, and encourage more domestic and foreign investments.

While many of our reform agenda have been achieved, there is still much to be done. We must ensure that these reforms deliver results on the ground and are not reversed. Moreover, administrative rules and regulations need to be reviewed periodically to ensure coherence.

We remain vigilant and ready to implement necessary policy measures to respond to potential downside risks to growth, both on the external and domestic fronts.

We have started implementing measures to bring down the prices of key agricultural commodities, as early as September last year, to help stabilize inflation.

Inflation was one of our greatest challenges last year.

Thus, we are looking forward to the enactment of the Rice Tariffication Bill, as it will reduce the retail price of rice, and increase the purchasing power of households, especially the poor.

This year, we remain committed to anchor inflation expectations and halt demand-driven inflationary pressures.

Undersecretary Rosemarie G. Edillon will later give you more details on the Socioeconomic Report 2018 including accomplishments, challenges, prospects, and ways forward.

Let me just inform you that within this year, we will be updating the PDP as we are now midstream into its implementation. Based on an assessment of our progress thus far, new developments, as well as prospects and challenges ahead, we will be making necessary changes to our targets, policies, and strategies, so we can achieve our desired outcomes. The PDP midterm update will ensure that all policies, programs, and projects are responsive to the needs of the people and that we address binding constraints.

I urge everyone to continue supporting the government in pursuing reforms that will lay down the foundation for sustainable and inclusive development.

NEDA’s strength lies in its diverse and dedicated workforce.  Let me conclude by profusely thanking the staffs who worked tirelessly in collaboration with our stakeholders to prepare this report.

Let us reaffirm our commitment to enable every Filipino to attain his or her AmBisyon of a matatag, maginhawa at panatag na buhay para sa lahat.

Thank you very much and good afternoon once again.

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