Investments in 4 key areas prioritized in recovery program
Private sector investments in health, food resilience, education continuity and digital transformation will be supported in the government’s recovery program amid the pandemic, the National Economic and Development Authority (NEDA) said.
NEDA Undersecretary Rosemarie Edillon said the recovery cluster formed under the national task force against COVID-19 identified these sectors as key investment areas that would help in economic recovery.
“We want the private sector to have more investments in these areas,” she said in a virtual forum Friday.
Investments in health can range from products associated with improvements in health systems such as personal protective equipment to products that boost health and immunity such as supplements.
Solutions for digitalization and learning continuity will support business continuity distance learning amid the prolonged lockdown.
The government also identified investments on products and solutions that support food resilience to improve access to nutrition.
“In the event that we will have localized lockdowns, there needs to be access to nutritious and affordable food,” Edillon said.
To attract these kinds of investments, she said government would be moving toward improving the ease of doing business especially in obtaining permits as some companies would be repurposing their assets to engage in other business lines and would need new sets of permits.
The government is also looking into programs that will provide for the retraining of displaced workers especially in the development of skills for the digital economy.
On the public sector side, Edillon said government investments supporting these sectors would be identified.
In the same forum, Trade Secretary Ramon Lopez said the government would also reach out to new markets for Philippine exports and pursue more free trade agreements.
“We will continue our export drive and work on free trade agreements that will also strengthen investments,” he said.
“So while we are fighting the pandemic, these longterm reforms also need to continue.”