The largest group of exporters, Philippine Exporters Confederation Inc. (Philexport), believes that innovation and technology is the answer to the country’s development problems. By focusing on those areas, the country will be able to follow the footsteps of Japan, South Korea, and Singapore and emerge as a first world country, says Philexport.
The confederation’s president Sergio Ortiz-Luis Jr. pointed out that export growths come from sectors with high innovation components. While the outgoing administration of President Aquino has recognized the vital role of innovation and technology in boosting the economy through the strategies of Philippine Export Development 2015 to 2017, the innovation system remains to be weak and needs to be further strengthened. In order to do this, Philexport urges the government to allocate more budget to programs that promote innovation and technology development.
Other countries with the same gross domestic product as the Philippines spend 10 or even 100 times on research and innovation, notes World Bank Group senior economist Marcin Piatkowski. For this reason, Piatkowski supports Philexport’s call and encourages both the public and private sector to invest more on innovation and technology.
