NextGen Day

MANILA, Philippines — According to the government’s top economist, policies are now in place to harness new technology to unlock the country’s potential to become a high-income economy.

Karl Kendrick Chua, Socioeconomic Planning Secretary and Director-General of the National Economic and Development Authority (NEDA), said the Philippine Innovation Act will increase the country’s productivity through research and development, as well as the use of new technologies and processes, during an online celebration for National Innovation Day on Thursday.

“This will allow us to transition from low-value-added to high-value-added activities, allowing us to realize our potential to become a high-income country,” Chua said.

He believes that one of the country’s goals in the future Philippine Development Plan should be innovation in order to realize this potential (PDP).

“The national innovation agenda will focus on priority innovation areas and streamline the development, execution, and coordination of innovation policies and strategies across the country,” the NEDA director noted.

The National Innovation Council and stakeholders will draft a National Innovation Strategy paper this year, using the Philippine Innovation Toolkit as a reference.

“We still have a long way to go before we can compete with South Korea or Singapore as an innovation hub,” Chua added, “but there is no doubt the Filipinos have the intrinsic talent, grit, and ingenuity to make this happen.”

Undersecretary Rafaelita Aldaba of the Department of Trade and Industry (DTI) stated that science, technology, and innovation are “at the center” of the agency’s industrial policy.

The Philippine Innovation Act, according to Aldaba, demonstrates the government’s strong commitment to promote innovation in order to achieve inclusive and sustainable economic growth.

“The key to economic growth is innovation.” It boosts competitiveness and productivity, and it’s the secret sauce behind many advanced countries’ success,” she noted.

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