OPINION | Philippine strategic environment for corporate planning [Human Side Of Economics By Bernardo M. Villegas] READ:
resident Ferdinand Marcos, Jr. recently signed an executive order adopting the Philippine Development Plan 2023-2028 which can be a guideline for both the public and private sectors to help the Philippines achieve the goal of becoming an upper middle-income economy by 2025 and over the longer term lay the foundation for First World economic status 15 to 20 years from now.
Let me start with the vision-mission statement implied in the PDP. Although these statements are necessarily merely aspirational, they are still useful for focusing the attention of all members of Philippine society on what all should be trying to achieve as long-term goals. I abbreviate the vision contained in the now popular “Ambisyon Natin 2040” of the National Economic and Development Authority into “attaining First World status by the decade of 2040 to 2050.
In the process of transforming the Philippines, six items are envisioned. The first is digitalization. Every sector of the economy can improve its productivity through the use of digital technology as Industrial Revolution 4.0 intensifies. Artificial Intelligence, the Internet of Things, Data analytics and robotization can be increasingly applied to agriculture, industry and services, including the whole gamut of services that the government provides to the population.
The other four items are Dynamic Innovation Ecosystem, Enhanced Connectivity, Greater Collaboration between Local and National Government, and Partnership with the Private Sector. Innovation is especially of great importance in the agricultural sector which is the Achilles heel of the entire economy, having suffered negative growth over the last three years. All efforts must be exerted to attain an average of at least 2% to 3% annually in this sector during the present administration.
Enhanced connectivity is now more within reach with the opening of the telecom sector to 100% foreign direct investments. There are some megaprojects in the telecom sector, like the submarine cable connecting the US to Pagudpud, Ilocos Norte that Amazon and Meta are building that will be a game changer in significantly improving connectivity that can transform a city like Laoag into a major venue for data centers.
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