Will the Philippine Development Plan 2023-2028 Targets Be Met?

• Main Author: Felipe, Jesus
• Format: text
• Published: Animo Repository 2023
• Subjects: Economic Development Plan; Philippines; Growth; Behavioral Economics; Econometrics; Growth and Development; Labor Economics; Macroeconomics
• Online Access: https://animorepository.dlsu.edu.ph/res_aki/175; https://animorepository.dlsu.edu.ph/context/res_aki/article/1176/viewcontent/DLSU_AKI_Policy_Brief__2023_11_012.pdf
• Institution: De La Salle University

EARLY THIS YEAR, President Ferdinand Marcos, Jr. signed the Philippine Development Plan 2023-2028 (PDP). The document contains hundreds of targets. Some of the key targets to be attained by 2028 are as follows (in fact, the Plan provides yearly targets): 1.) an annual growth rate of 6.5-8% (since 2024); 2.) a gross national income per capita of $6,044-$6,571 (50% higher than that in 2023); 3.) inflation between 2%-4% (from 2.5%-4.5% in 2023); 4.) a government fiscal deficit of 3% (from 6.1% in 2023); 5.) a debt-to-GDP ratio of 48%-53% (from 60%-62% in 2023); 6.) an unemployment rate of 4%-5% (from 5.3%-6.4% in 2023); and, 7.) poverty incidence of 8.8%-9% (from 16.4% in 2023).