In pursuit of economic prosperity and inclusivity, the National Economic and Development Authority (NEDA) emphasizes the importance of investing in both physical and social infrastructure. NEDA Secretary Arsenio Balisacan, speaking at a UP Alumni Council meeting, stressed that such investments are essential for social and economic transformation and achieving sustainable growth.
Balisacan stated that to fulfill AmBisyon Natin 2040’s vision for Filipinos, the country must sustain a growth rate of 6.5 to eight percent over the next two decades while promoting inclusive economic expansion.
He pointed to successful East Asian nations like Japan, South Korea, Singapore, and China, which credited their progress to investments in physical and social infrastructure, particularly in education and health. Balisacan emphasized that the Philippines needs to catch up by accelerating infrastructure development.
To attract investments, the government commits to allocate five to six percent of the GDP annually to address infrastructure gaps and improve the investment climate. Additionally, workforce skills need to be enhanced through education reforms, and public health capacities should be strengthened.
Balancing innovation and collaboration, Balisacan urged the creation of a dynamic innovation ecosystem. This involves improved innovation governance, investments in research and development, and technologies tailored to the country’s needs.
In conclusion, NEDA’s call for strategic infrastructure investment sets the stage for a more prosperous and equitable future for the Philippines.