The Office of International Economic Relations (OIER), under the Office of the Undersecretary for Multilateral and International Economic Relations (OUMAIER), launched the Economic Literacy Training programme with modules on Data Analytics, Economic Research and Intelligence, and Economic Diplomacy and Promotion as part of the Department’s efforts to improve the abilities of its personnel in conducting economic diplomacy.
Gina A. Jamoralin, Assistant Secretary for International Economic Relations, praised DFA employees for their efforts to advance the nation’s economic interests. She emphasised the significance of updating the data analytics and data management abilities of DFA officers and staff to effectively handle the abundance of available data and harness pertinent information for the formulation of foreign policy. She urged participants to hone their economic diplomacy skills and support the new administration’s policy priorities to improve our nation’s food security, resilience to climate change, and economic recovery.
The Philippine Statistical Research and Training Institute, the training division of the Philippine Statistics Authority, is a partner in the organisation of the training programme (PSA).
In the meantime, the DFA has established the database on foreign disaster risk reduction and management (DRRM) accords and treaties to which the Philippines is a party through the Office of Civilian Security. To improve collaboration and coordination among all significant actors and stakeholders in disaster risk reduction and management, the Database seeks to provide a centralised reference for creating periodic reports on its agreement with numerous DRRM arrangements and treaties.
The Database covers bilateral agreements with nations like Viet Nam, Norway, and Thailand as well as multilateral agreements like the Paris Agreement on climate change. Each entry includes a link to a copy of the instrument and summarises its main points.
The Database is in accordance with the National Disaster Risk Reduction and Management Plan (NDRRMP) 2020-2030, which mandates the creation of an inventory of all international DRRM agreements and treaties to which the nation is a party.
Furthermore, based on estimates from market revenues alone, the Philippines’ internet economy has experienced significant expansion. The adoption of AI in the Philippines last year has resulted in a 12% contribution to the GDP at US$ 92 billion by 2030. The introduction of new and more powerful technologies accelerates the country’s 4th Industrial Revolution ambitions.
As the pandemic spreads, more companies are realising the value of streamlining their operational procedures. A significant financial organisation and a local government agency in the Philippines recently decided to manage their digital transformation initiatives and get around the restrictions of legacy systems with the help of a cloud service provider.
However, one of the problems that cloud service provider clients used to encounter from outdated systems was the delayed response to changing market conditions, the slow pace of innovation, the presence of rigid systems and applications, and the unpredictable nature of costs.
Technology-led businesses, which are predicted to be worth up to Php 3.5 trillion, can create most of the overall estimated digital opportunity. For the retail sector, this comprises e-commerce and mobile applications that can speed up digital transactions and interactions, cut labour costs, increase inventory efficiency, and lower real estate expenses while delivering productivity increases of six to fifteen percent.
For the Philippines to fully take advantage of its digital opportunity, the research identifies three areas for action: Improving digital skill training and education; Accelerating digital adoption and innovation; and Promoting digital trade opportunities.
