Seriously considering moving away from fossil fuels for sustainability is a key step if the country wants to transform its economy, an official of the National Research Council of the Philippines of the Department of Science and Technology (DOST) said.
Seriously considering moving away from fossil fuels for sustainability is a key step if the country wants to transform its economy, an official of the National Research Council of the Philippines of the Department of Science and Technology said.“We really need to move away from inefficient energy systems, inefficient technologies,” Dr. Lawrence Dacuycuy, an economist and chair of the Division of Social Sciences of DOST-NRCP stated.
Also, there’s a need for the government to focus its energy, such as transforming the economy by modernizing certain sectors that are strategic, like services, and manufacturing, at least to sustain industrialization at this point, and to acknowledge the presence or the importance of the fourth industrial revolution and technologies.
“We have to broaden the economic frontier. We have huge reserves in West Philippine Sea, but then there’s a political process that we need to observe. But that’s one way for us to push our economic frontier, otherwise, we will be dependent on foreign resources,” Dacuycuy explained. The economist also added that many governments will say that they don’t intervene in the foreign exchange market, but they do, especially when they have large reserves, they do intervene. So, the problem that is being observed now is that the federal reserve in the United States has been quite aggressive in activist monetary policy.
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