Emphasized the role of the PH Army in economic development

Finance Secretary Benjamin Diocno emphasized the Philippine Army’s role in economic development by keeping the country at peace.

“It would be remiss not to acknowledge the valiant work of our men and women in uniform during times of crisis, especially during the Covid-19 pandemic and natural disasters that have ravaged our shores for many years. The country thanks you for your service. said Secretary Diocno in his closing remarks at the 15th Philippine Army Senior Leadership Conference at Fort Bonifacio on March 17, 2023.

The theme of the conference, “On the Threshold of Transformation: The Philippine Army’s Incessant Search for a Competitive Advantage,” envisions the creation of a modern Philippine military capable of responding to the new and emerging threats of the 21st century.

“Peace is a necessary condition for economic development. Raising the material standard of living for all Filipinos is only possible when people are protected from conflict and true peace is achieved,” Diokno said.

According to the head of the Ministry of Finance, the growing geopolitical fragmentation around the world has put the economy at risk. He stressed that the integrity of social, political and economic ties depended on the maintenance of peace and order.

Diokno said the economic group is implementing a whole-of-government approach to increase the resilience of the economy and ensure rapid, sustainable and inclusive growth.

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In 2022, the Philippine economy grew by 7.6 percent of gross domestic product (GDP) and exceeded its targets. In terms of fiscal indicators, the total revenue collection for 2022 reached 3.5 trillion pesos, exceeding the program by 7.3 percent. Higher revenue collection has reduced the budget deficit to 7.3 percent of GDP from 8.6 percent in 2021.

“These financials show that we are on the right track to achieve our medium-term macroeconomic goals and that we have everything we need to take the economy to the next level,” Diokno said.

The Secretary of the Treasury cited Chapter 13 of the Philippine Development Plan 2023-2028, which sees peace and security as an important foundation for sustainable development. This is where the role of the Philippine Army becomes important.

“This requires a sectoral approach and close coordination between our military and judiciary, national and local governments, civil society and communities,” he said.

Finally, Diokno expressed the government’s support for the AFP (Armed Forces of the Philippines) Modernization Program, which will ensure that the men and women in service are trained and equipped to carry out their duties effectively.

“Be assured that the Marcos Jr. administration is ready to increase support for the concept of a world-class army that will be a source of national pride,” he concluded.