PHL set to surpass 4 Asean tiger economies

DAVAO CITY —Trade and Industry Secretary Gregory Domingo said the Philippines is on track to surpass its better performing economies and appealed to various sectors to contribute their share in cementing a stable economic fundamentals. Speaking to local industry leaders here on Thursday, Domingo said the country is expected to surpass the economies of Thailand, Singapore, Malaysia and Indonesia. The Philippines continued to post impressive growth figures since 2012, "being one of the fastest growing economy in the region,” he said. In 2012, the economy grew 6.8 percent, performing better at 7.2 percent in 2013. It managed to pull out a 5.8-percent increase in the first nine months this year, Domingo added. But Domingo said the feat would happen "if each sector: nongovernment organizations, local governments, the private sector and the academe, will do their part”. Domingo delivered the keynote address at the forum "Industry Roadmaps and the ASEAN Economic Community (AEC) Game Plan: Regional Roadmaps for Competitiveness” held at the Apo View Hotel in Davao City, Thursday. It was organized by the Department of Trade and Industry and the Board of Investments. "Technically, the fundamental things are already there. The demographics and improving supply chain—the ingredients are there for us to achieve that forecast,” he said. He called on industry leaders to develop their roadmaps to build a competitive regional industry. The Industry Roadmap Project (IRP) of the DTI and Board of Investments, was launched in January 2012 with 30 sectoral road maps and 25 road maps have been completed as of this year. The IRP continues to forge strategic partnerships with industry stakeholders particularly the private sector, in the development of industry roadmaps that defines its vision, goals, and targets, the DTI said. The IRP assesses the industry’s state and economic performance, identifies the binding constraints to its growth, and recommends strategies for industry upgrading and development. DTI Assistant Secretary, Dr. Rafaelita M. Aldaba, said the government’s role in the IRPs is "to set as a facilitator of it while the private sector has a big role as they boost the economy through ownership and development of industry road maps”. Aldaba highlighted the need for a cluster-based industrial policy to transform and upgrade regional industries. "To build competitive regional industries, we need to formulate and strengthen regional roadmaps that are aligned and strongly linked with national industry roadmaps,” Aldaba said. Other speakers at the Davao forum included Dr. Ramon Clarete, senior trade adviser of the US Agency for International Development-Trade project, who spoke on the Asean integration and national development agenda; Dr. Roehlano Briones, senior research fellow, Philippine Institute for Development Studies, on strategy for the agribusiness industry; Francis Penaflor of the Board of Investment and Senen Reyes, senior management specialist of the University of Asia and the Pacific, on food processing. About 400 persons from private, non-government, academe and local government sectors attended the forum. The Asean Economic Cooperation aims to establish free flow and exchange of goods, services, capital and people, within the ten-member economies. (davaotoday.com)