THE NATIONAL Economic and Development Authority (NEDA) cited the need to sustain high-level domestic and foreign investments for the country’s rapid economic growth.
During the Philippine Economic Briefing on Aug. 9, NEDA Undersecretary Joseph Capuno said the country must be able to take risks to experience economic transformation.
“This is manifested by the commitment of the government to commit the equivalent of five to six percent of GDP (gross domestic product) on infrastructure. But we want to be strategic, the ones that really matter. So, we’re focusing our money on infrastructure flagship programs,” Capuno said.
Capuno said the country has a total of 194 flagship programs, covering all sectors such as water, infrastructure, and digital connectivity, among others.
Capuno also said that “the country must take the initiative through innovation”.
“NEDA, together with the other government agencies, is developing a roadmap for an innovative ecosystem in the country,” he added.
He also urged digital content creators to find ways through the innovation ecosystem, to improve the income for everybody in the digital world.
For the second quarter, the economy decelerated to 4.3% year-on-year as the April and June figures were lower than the 7.5% GDP rate in the same quarter of 2022.
The slow government spending contributed heavily to the lower GDP as expenditures contracted by 7.1% from 10.9% in the second quarter of last year. Private investors were also more cautious this year as shown by their activity in the markets.
