Over the years, our government has taken steps to address the structural challenges of the economy—be it the high cost of power, inadequate skills of our workforce, or poor logistics. Know more:
Over the years, our government has taken steps to address the structural challenges of the economy—be it the high cost of power, inadequate skills of our workforce, or poor logistics. What has been lacking is a coordinated transformation of the economy across three specific, albeit interrelated dimensions. First is the imperative to modernize agriculture and increase its productivity.
Inspired by the consultations our office has conducted over several years with various stakeholders, we recently filed Senate Bill No. 2218 or the Tatak Pinoy Act, which aims to institutionalize a programmatic and multisectoral approach to the country’s development planning and public expenditure policies, ensuring that throughout the process, local enterprises are prioritized and provided ample support.
On May 30, 2023, as Chairman of the Senate Committee on Finance, we held a public hearing to discuss the views of stakeholders on the bill. The measure drew unanimous support from all agencies and guests that attended with some even presenting recommendations on how to achieve the measure’s industrialization agenda.
Dr. Ronald Mendoza, IDinsight’s Southeast Asia Regional Director, said that the proposed measure aptly sets up a transparent, science and evidence-based process in formulating policies that is crucial to drive industrialization. Mendoza added that top-down approaches done in the past will not be effective anymore, and that the private sector must be involved in crafting these roadmaps.
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