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The Philippines Encourages Businesses to Invest in Digitalisation

To strengthen the nation’s local industries and reduce its reliance on imports, Philippine President Ferdinand R. Marcos Jr. invited enterprises to engage in digitalising processes as well as other crucial areas including education, skills training, and research and development.

The president of the Philippines stated that imported goods continue to be the main cause of inflation and that import substitution must be considered. For its part, the Philippine government is dedicated to accelerating economic growth with the broader objectives of reducing poverty and reviving job creation.

Notably, the government works to hasten the nation’s economic expansion by reducing travel and movement restrictions, even more, enacting economic reforms, and fostering stronger economic ties with trading and investment partners.

The President also emphasised the efforts being made by the government to increase the ease of doing business, public-private partnerships, and bureaucratic efficiency through the development and digitalisation of information and communication technology (ICT).

The Chief Executive said that the Philippine economy is on pace to sustain its good economic performance and meet the government’s growth target of 6.5 to 7.5 per cent for this year as it continues to recover from the pandemic’s negative effects. Inflation must be controlled, the country’s growth rate appears robust, the peso is strengthening slightly in comparison to other currencies, and the unemployment rate is reasonable given the circumstances.

The Chief Executive anticipates that the meeting will aid in creating new economic prospects, reviving the industries that have been most negatively impacted by the pandemic, as well as addressing upcoming difficulties.

Meanwhile, one of the first Intergovernmental Relations (IGR) entities established and constituted under the Bangsamoro Organic Law, the Intergovernmental Fiscal Policy Board (IFPB), recently had their meeting.

The primary role of the IFPB is to address revenue imbalances and variations in the Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) financial demands and income-raising capability. The body will specifically suggest tax-collecting strategies and changes to fiscal policy for the BARMM.

THE IGFP discussed 17 issues on the agenda, including the BARMM’s tax system’s digitalisation. Assuring solid financial management and improved bureaucratic efficiency through digital transformation is in line with the administration’s 8-Point Socioeconomic Agenda.

To further this objective, IFPB pledges to build and uphold positive and constructive relationships to meet BARMM’s financial demands and strengthen the region’s potential for revenue-raising. In addition to the IFPB, the Intergovernmental Relations Body (IGRB), which is made up of officials from the national and Bangsamoro administrations, had its 12th meeting and press conference to talk about issues pertaining to the local development of the BARMM.

In response to the difficulties posed by the Fourth Industrial Revolution (Industry 4.0), the Technical Education and Skills Development Authority (TESDA) has reaffirmed its strong commitment to keep developing its programmes and services.

To adapt and alter its programmes to the increasing needs of the industries, TESDA is constantly trying to improve its systems and procedures. And this is where their partner industries step in, assisting them in creating training programmes that will equip graduates with skills relevant to their business.

The organisation emphasised how quickly technology is advancing in the workplace. Since tech-VOC training encompasses the study of technologies and allied sciences as well as the learning of practical skills, Industry 4.0 has a direct impact on this field. To create a workforce with competencies appropriate for the industry, the agency urged people in the education and business sectors to collaborate closely.

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