ECONOMIC UNITY | Marcos seeks more public-private partnerships to help economy, says NEDA

December 28, 2022 , 03:06 PM

By Beatrice Puente

(December 28, 2022) – To boost the economy, President Bongbong Marcos Jr. aims to engage in more public-private partnerships (PPP) to carry out the priority projects of his administration, the National Economic and Development Authority (NEDA) said on Wednesday.

Marcos has repeatedly expressed his intention to stimulate the economy within the next six years, setting the minimum growth target at 6.5%.

“The administration is eyeing to pursue public-private partnerships on infrastructure development and facilitate the development of local PPP projects in priority sectors to prop up the economy and create jobs,” said the Office of the Press Secretary (OPS) in a statement, citing the year-end report of NEDA.

Marcos revealed that at least 74 PPP projects estimated at P2.25 trillion are already in the works, as of August. He encouraged more businesses to partner with the government to help achieve its goal.

“We make a strong push towards infrastructure development with special emphasis, once again, on public private partnerships in key projects,” said Marcos during the 48th Philippine Business Conference and Expo last October. “I thus invite all of you to take part in the great enterprise of building our nation.”

In his past speeches, Marcos vowed to continue the infrastructure programs of his predecessor, former President Rodrigo Duterte, under the Build, Build, Build program. He also urged foreign business owners to invest in the country to help fuel his administration’s push for job creation and economic growth.

Marcos also sought more public-private ties in the health sector to help improve the quality of services provided in the country. Along with third-party reviews, he was positive that the partnership between public and private sectors can help address the concerns raised by Filipinos when it comes to health.

“Aside from focusing on PPPs, the Marcos government will also undertake the programmatic Investment Coordination Committee appraisal and programming of major national projects next year,” added the OPS.

As of the third quarter, the country’s gross domestic product grew by 7.6%. But many Filipinos are still struggling because of meager wages and rising inflation that reached a 14-year high of 8% last month. Several cause-oriented groups have urged Marcos to make concrete solutions instead of spouting bold pronouncements.

NEDA, which is led by secretary Arsenio Balisacan, also aims to finalize various documents—the Regional Development Plan, the Public Investment Program, and the Rolling Infrastructure Plan—next year. It will likewise implement the Philippine Development Plan (PDP).

Marcos approved the PDP for 2023-2028 last December 16. It highlights “the government’s socioeconomic policies, strategies, and programs in support of and consistent with the development agenda of the president.”

“This sets out the framework of the development plan for the Philippines and we have included all of the priority areas,” said Marcos. “This will facilitate the coordination and the alignment of all departments and all agencies in government to a single plan so that we are all working in the same direction.”

(PM)

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