By Gabriela Baron
President Ferdinand R. Marcos Jr. called on businesses on Tuesday, Dec. 6, to invest in education and skills training, digitization of processes, as well as on research and development (R&D) to reinforce the country’s domestic industries and lessen its dependence on imported goods.
Marcos noted that the “main driver” of inflation is imported products, adding the Philippines must consider import substitution.
“So again, import substitution is still a good idea not only for foreign exchange reserve but also, so that we can keep our inflation rate down,” Marcos said during the 11th Arangkada Philippines Forum 2022.
“So to aid the transition that we are talking about, I invite you to invest in key areas such as education and skills training; digitalization of processes; and research and development,” he pointed out.
Marcos also vowed his commitment to further boosting economic growth, reduce poverty, and reinvigorate job creation.
He further noted the government’s efforts to accelerate the country’s economic growth by easing travel and mobility restrictions, implementing economic reforms, and improving economic cooperation with trade and investment partners.
Marcos likewise stressed the government’s work to enhance ease of doing business and public-private partnerships and improve bureaucratic efficiency through information and communication technology (ICT) development and digitalization.
“Rest assured, this government is united in ensuring that the Philippines will become a viable and sustainable destination for domestic and foreign investors,” he added. -ag
