Determined to continue the projects initiated by his predecessor, Trade Secretary Fred Pascual maintained that for the proposed programs to be realized, the Department of Trade and Industry (DTI) needs additional funding.
During the Management Association of the Philippines (MAP) meeting on Thursday, Pascual said the limited budget is the major hindrance to his grand plans.
“The biggest stumbling block is always the budget allocation of the government. We have to work on increasing the budget of the DTI given the many new things that we would like to employ, like the artificial intelligence center, which by the way, is a public-private partnership,” Pascual said.
In his presentation, he told business leaders that his tenure will be centered on promoting the interest of micro, small and medium enterprises (MSME) embracing digitization, emphasizing that although there has been a boom in MSME use of technology, there is still a need to upgrade, upskill and upsize them.
Pascual said there is indeed a need for the Department of Information and Communications Technology (DICT), to help MSME become well-rounded with the available e-commerce platforms that can be utilized for their businesses to prosper even during the persisting pandemic.
RCEP gets priority
Pascual added he will continue to push for the ratification of the stalled free trade agreement Regional Comprehensive Economic Partnership (RCEP), which is still unratified by Senate lawmakers.
“RCEP is a priority of the administration. We have clarified this in one of our cabinet meetings,” according to Pascual.
Before his term begins, Pascual, who was a former MAP president, has been firm in his stand that RCEP should be ratified, stressing that being a member of RCEP would mean more benefits to most industries, as there are research studies available, done by government research agencies, like the Philippine Institute for Development Studies that recommend in no uncertain terms the affiliation of the Philippines to RCEP.
“In terms of food security, it will point towards affiliating the nation with RCEP so we can have access to food sources, especially now that there is a tightening of supply given the conflict between Russia and Ukraine,” Pascual pointed out.
Surging prices
He also told reporters that with the current food crisis hitting consumers, he said the DTI’s Consumer Protection and Advocacy Group is still reviewing the request of manufacturers for them to raise their prices.
Meanwhile, Pascual answered queries on the DTI’s efforts to renew the United States Generalized System of Preferences, which already expired last 31 December 2020.
“We are reviewing the requests. We are also observing the economic and the price situation of the commodities involved. The prices have been fluctuating so it’s hard to make a rushed decision when prices are fluctuating like wheat, as well as gasoline. We have to observe very well, and we don’t have to rush on this. All we do in DTI is make sure that consumers are being charged a fair price,” Pascual said.
