₱8.7 Trillion Flagship Projects Undertaken In 2023, NEDA Reports

The National Economic and Development Authority (NEDA) reported significant accomplishments in 2023, including the approval of 197 infrastructure flagship projects amounting to PhP8.7 trillion.

NEDA has highlighted the year as one of hard work and dedication towards achieving a "Matatag, Maginhawa, at Panatag na Buhay para sa Lahat" (Stable, Comfortable, and Secure Life for All) this year. I Photo: National Economic and Development Authority Facebook

In a social media post, NEDA highlighted the year as one of hard work and dedication towards achieving a "Matatag, Maginhawa, at Panatag na Buhay para sa Lahat" (Stable, Comfortable, and Secure Life for All) this year.

NEDA stated that the board convened 12 times, the highest number in recent years, to swiftly approve critical infrastructure projects and advocate for policies aimed at transforming society into a prosperous, inclusive, and resilient one.

The initiatives laid the groundwork for deep economic and social transformation in the years to come.

Key initiatives included strategies to manage food commodity prices, protect purchasing power, and support vulnerable sectors through targeted subsidies. The continued implementation of Executive Order 10 impacted managing food inflation, reducing MFN tariff rates, and suspending pass-through fees for transporting goods.

Increased allocation for research and development in agriculture aimed to boost productivity.

The Rice Competitiveness Enhancement Fund (RCEF) aided farmers in improving yields, and measures were taken to manage inflation, including the establishment of the Inter-Agency Committee on Inflation and Market Outlook.

In terms of infrastructure development, the NEDA Board approved 197 Infrastructure Flagship Projects worth PhP8.7 trillion as part of the Build Better More Infrastructure Program.

The administration's stewardship resulted in decreased unemployment and underemployment rates in October 2023.

Looking ahead, NEDA emphasized the commitment to fostering job-generating investments, enhancing human capital, and improving social and physical infrastructure for better employment prospects.

In 2023, NEDA actively participated in launching and passing regulatory reforms and strategies, including the Philippine Development Plan 2023-2028, the National Innovation Agenda and Strategy Document for 2023-2032, participation in the Regional Comprehensive Economic Partnership (RCEP) trade agreement, issuance of the IRR for Amendments to the Public Service Act and the Digital Workforce Competitiveness Act, and the enactment of the Public-Private Partnership Code.

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