Daily Tribune (Philippines) - HotSpot
DIGITAL SHIFT
“The track record of Unionbank in creating opportunities through innovation and digital solutions in the banking sector is uncontested,” he said.
President Marcos plans to apply the successes in digital development in the private sector to benefit the government, that is “digitalizing the government at the national level, at the local level.”
Marcos, in his first State of the Nation Address on 25 July, stressed the importance of digital transformation in the Philippines to stay attuned with the world as it enters “an age of exponential adoption of technology” and for the nation to achieve success in the Fourth Industrial Revolution.
The Philippine economy will go beyond its pre-pandemic growth, Marcos indicated as he confidently talked about progress amid the Covid-19 pandemic.
In a meeting with members of the Asia Society at The Carlyle Hotel in New York City, the President said his administration has laid out measures that will help reinvigorate the economy.
President Marcos said the Philippines remains on track to “graduate to upper middle-incomecountry status” by 2023 and become a “high-income country” by 2040.
“With steady investments in infrastructure, agriculture, food security, public health, education, and other social services, we seek to become a high-income country, with zero extreme poverty by the year 2040,” he said.
He underlined the use of digital technology to keep the local economy in step with neighbors in the region which have made huge inroads in the field of technology.
The Philippines is the “right” investment destination, the tycoon who leads the Private Sector Advisory Council said.
Speaking before the US business leaders in New York City, PSAC convenor and Aboitiz Group chief executive officer, Sabin Aboitiz, said the Philippines is ripe for investment, noting that the country is back on the “fast track” of recovery.
“Now, more than ever, with the dawn of a new era of digital progress, and an environment that has never been more enabling and conducive for business, the Philippines is ripe and open for investment,” Aboitiz said.
Aboitiz backed President Marcos and expressed confidence that the current administration will live up to its promise to make the Philippines a “transformed” nation.
A “promising possibilities of the future” and “massive economic potential” awaits investors considering that the country remains one of Asia’s fastest-growing economies, Aboitiz added.
“We support his efforts to assure you of the integrity, of the stability, and the solidarity of his administration and the Philippine economic system, which is not without wounds but neither without the determination to heal them,” Aboitiz averred.
Aboitiz believes Marcos can bring together the best minds in business and use them to find the best solutions using technological advancement.
To strengthen private-public partnerships, Aboitiz said the Marcos administration will build the critical infrastructure needed to support all industries and enable businesses to thrive on a globally competitive scale.
He described Marcos as “a strong leader with a compelling vision and a political will.”
“With a unified support of our Congress and the Filipino people, the new Marcos administration is taking a whole-of-government and -nation approach to deliver on its promise to transform our economy.”
“We, in the business community, believe in this vision. And as our long-time allies and partners, we hope you will too,” Aboitiz told American investors during one of the roadshows accompanying the official visit.
Aboitiz also expressed optimism that the Philippines will become the “next big thing in Asia.”
He said the country has a large pool of young, talented, and English-proficient workforce that is wellequipped for a digital economy.
Among the country’s competitive advantages are the numerous economic zones and information technology parks that are equipped with support capabilities, making it easier for foreign companies to do business with convenience.
The Philippines’ business process outsourcing, electronics, manufacturing, creative, maritime resources, and export sectors have similar potential with track records of success.
Finance Secretary and chairman of the Economic Development Cluster Benjamin Diokno also showcased the country’s solid macroeconomic fundamentals and “bright economic future” during the Philippine Economic Briefing in New York City.
“The Marcos administration is determined to explore new frontiers with investors from the US and the rest of the world. This is why we believe that this is the best time to do business in the Philippines,” Diokno pointed out.
Development, he said, is underpinned by the enactment of key structural reforms, the full reopening of the economy, and a first-of-its-kind Medium-term Fiscal Framework, which contains various measures that will promote fair and efficient tax administration in the country through digitalization, as well as mainstream environmental sustainability initiatives to mitigate the impact of climate change.
Digitalization will likewise play a key role in enhancing the efficiency of revenue collection in the country and modernizing its tax system.
He presented significant developments in the country’s fiscal sector, including the recent enactment of economic liberalization measures that will further widen the space for joint ventures and foreign participation in strategic industries, making the Philippines a premier investment destination in the region.
“We have set in place structural reforms to establish a business-friendly environment for both domestic and foreign investors, and we anticipate significant benefits from the implementation of structural reforms.”
Diokno referred to the public-private partnership which he said will unlock more meaningful employment opportunities for Filipinos and reduce poverty incidence in the long run.
The head of the economic team said the current administration remains vigilant and ready to respond to global economic headwinds and pressing issues brought about by the pandemic and the ongoing Russia-ukraine conflict.
Both near-term and medium-term priorities are comprehensively outlined in the government’s 8-Point Socioeconomic Agenda that pursues technologydriven, greener, and more inclusive growth.
Enough fiscal space will allow the economy to sustain investments in infrastructure, mainly as a result of tax reforms implemented by the previous administration.
On monetary policy, Bangko
Sentral ng Pilipinas Governor
Felipe Medalla emphasized the BSP’S commitment to promoting price stability, financial stability, and a safe and efficient payment system.
Trade and Industry Secretary Alfredo Pascual highlighted the government’s drive to create enabling digital transformations for the private sector to become key partners in promoting the country’s