The government already has a menu of plans and strategies for the expected influx of foreign investments into the country following President Marcos’ “productive” participation in the recent World Economic Forum in Davos, Switzerland, a senior Department of Trade and Industry (DTI) official said on Monday.
Speaking at the Laging Handa public briefing, Glenn Peñaranda, trade assistant secretary for the trade promotions group, said the agency’s preparations for potential foreign investors were technology-driven and capitalize on skilled Filipino workers, jiving with the President’s socioeconomic agenda.
“We keep on hearing terms like upskilling and reskilling. With the new technologies and with the new requirements of the industries, it’s needed that our strength, which is our labor force, our human resources, have to be up to par,” he said.
Peñaranda said foreign investments coming in following the WEF were important as they bring technology, capital and partnerships, which the Philippines needs to access other markets.
“As we continue to develop our industries, especially as we compete with the global market, it’s very important that we partner with the leading companies, especially those who can provide technology,” he said.
As part of its preparations, Peñaranda said DTI’s “industrial policy” is one that is driven by science, technology and innovation.
“What’s needed to be done here first and foremost is we have to embrace what we call the Industry 4.0 technologies—these are the internet of things, 5G [and] artificial intelligence. These are the new technologies that our industries need to become competitive and also innovative,” he said.
Digital technologies
Peñaranda said businesses, particularly micro, small and medium-sized enterprises (MSMEs), must adopt digital technologies as these were “very useful” in their transformation.
The DTI’s integrated trade, investment promotion and industry development policies will help MSMEs become not only competitive but also capable of joining the so-called global value chain, he added.
The policies will capitalize on the Philippines’ human resources, which Peñaranda described as a “strength” that still need to be strengthened.
According to Peñaranda, efforts to make the country attractive to foreign investments have already began with the passage in 2021 of Republic Act No. 11534, or the Corporate Recovery and Tax Incentives for Enterprises.
He said the law contained a “strategic investment priorities plan,” which covers industries that needed to be developed to create jobs and income.
The plan, he said, focuses on four sectors, namely, industry, manufacturing and transport; information technology, media and telecommunications; health and sciences; and modern basic needs and resilient economy, which covers food, agriculture and clean energy.
The MSMEs can join the development of the sectors along the way as suppliers or providers of services, Peñaranda added.
Another priority project of the DTI, he said, was the creation of a “digital market place” that will feature companies and information about their financial transactions. INQ