Socioeconomic Planning Secretary Arsenio Balesacan said at the turnover ceremony Monday that he will seek to reduce reduce poverty by the end of President Ferdinand Marcos, Jr.’s six-year term.

He said this is part of their plan to make economic growth more “inclusive” and “resilient” in agreement with the overall goal of the new administration.

“We all agreed to revive job creation and poverty reduction by steering the economy back to the high growth path while addressing government debt and the sharply rising prices of crude and essential commodities,” Balisacan said.

“In particular, we aim for economic growth at least at par with pre-pandemic levels through 2028. And we are raising the bar higher, we must make this growth more inclusive and resilient. In other words, growth must be pro-poor and can weather adverse global events such as pandemics, calamities due to climate change, and geopolitical and technological disruptions,” he added.

“With quality growth and jobs, we gradually aim to reduce poverty to a single-digit level at the end of the administration. I recognize such a target is ambitious, but I firmly believe it is achievable. I say this with confidence because the reforms past administrations laid down have made our economies stronger,” he said.

Balisacan said that when he was socioeconomic planning secretary during the administration of President Benigno Aquino III, the Philippines reached a “rapid growth trajectory” compared to its Asian neighbors.

Outgoing Socioeconomic Planning Secretary Karl Kendrick Chua, who handed the NEDA flag and transition notes to Balisacan during the turnover ceremony, said he is confident that he would be leaving the department in “capable hands”.

“The past two years have been very challenging at the personal and professional level. With everyone’s contribution, the Philippines has recovered strongly and surpassed the pre-pandemic GDP level in the first quarter of 2022. Social indicators are also showing as well,” Chua said.

“Yet there are many challenges to address. Notably the scarring effects, in particular, in the education sector and the rising risk of global stagflation. But I am very confident that I am leaving NEDA ( National Economic Development Authority) in very capable hands,” he added. Jaspearl Tan/DMS