In a 24-page proposal to Malacañang, De Venecia said 747 refers to "seven percent growth for seven years," aimed at drastically reducing mass poverty.
"Achieving this target is difficult, but not impossible. Our neighbor-countries have achieved – even exceeded this – over the decades," he said.
De Venecia, however, pointed out that before the 747 program can take off, the government must promote political stability and civil order, adopt national work ethics and secure the support of the so-called economic elite.
One of the main concerns of the legislative program is poverty, which has increased by up to 10 percentage points since the Asian financial crisis of 1997.
The program also cited the need to strengthen the state’s capacity to provide a framework of stability and improve the country’s global competitiveness, which has been declining in the last three years.
"Development is not a matter of trial and error," he said.
De Venecia lined up seven strategic programs which the executive and legislative departments can jointly implement to ensure steady economic growth, namely: rural modernization; creating a world-class service sector; promoting domestic competition; foreign investment and development aid; enhancing the assets of the poor; resource mobilization; and political and administration modernization.
Also covered by the program are massive reforestation, enactment of national land use policy, dismantling of cartel and monopolies, amendment of the local government code and focus on agricultural modernization.
Meanwhile, the militant Kilusang Mayo Uno (KMU) assailed De Venecia over his pronouncements on the labor sector’s demand for a legislated P125 across-the-board wage increase.
"He is pandering to big business interests while mouthing anti-poverty rhetoric, said KMU spokesman Sammy Malunes.
De Venecia Jr. earlier said he supported the workers’ demand for a wage hike but said the adjustment should be done through the regional wage boards.