The National Economic and Development Authority considers the sluggish global growth and the El Niño crisis as two of the major risks that could impact the further growth of the economy.
In its inaugural meeting this week, the newly created Economic Development Group, co-chaired by the Department of Finance and the NEDA secretaries, discussed potential solutions and ways forward for the country’s pressing economic issues.
Among these challenges are the potential impact of the impending El Niño crisis, slow global economic growth affecting the country’s trade performance, and the efficient implementation and consistent monitoring of high-priority government projects.
“The Economic Development Group remains committed to ensuring that the country stays on track to meet its medium-term socioeconomic goals, despite domestic challenges and constraints and a weaker global growth outlook,” NEDA Secretary Arsenio Balisacan said in a statement.
The EDG also discussed updates on the monitoring system for the country’s infrastructure flagship projects under the government’s Build-Better-More program, the development of high-frequency monitoring systems for priority budget items, other government projects, and agriculture matters, and the proposed policy responses and contingency plans for addressing the impact of El Niño.
NEDA is developing a public dashboard for the infrastructure flagship projects to enhance transparency and accountability among implementing agencies. The dashboard will also help in identifying and addressing bottlenecks and constraints that may hinder the timely implementation of the projects.
The Department of Transportation tracks the progress of major transportation projects with respect to their right-of-way acquisition and construction, while the Department of Public Works and Highways monitors the progress of strategic projects related to traffic decongestion, seamless and inclusive connectivity, and sustainable and resilient communities. Julito G. Rada
