President Ferdinand R. Marcos Jr. has been steadfast in his commitment to usher economic reforms that will result in better lives for Filipinos under its banner of Bagong Pilipinas.
Among the key reforms are programs and initiatives that ensure liberalization, privatization, and globalization in the country.
President Marcos started 2024 with a promise to further strengthen the country’s economy, particularly boosting agriculture after the country’s inflation rate settled to its lowest level in December 2023.
Included in its commitment to strengthen the economy are strategies of implementing timely deployment of trade policy tools along with sustained investments in irrigation, flood control, supply chain logistics, and climate change adaptation.
PH Standardization towards globalization
A contributor to economic reform are globalization strategies through standardization of economic activities in the country.
In January, President Marcos ordered the Maritime Industry Authority (MARINA) to standardize Philippine maritime practices to align with global benchmarks.
Among its core programs are the modernization and expansion of the Philippine domestic shipping, promotion and expansion of the Philippine overseas shipping, modernization of the Philippine shipbuilding and ship repair industry and promotion of highly-skilled Filipinos and competitive maritime workforce.
Also included in globalization are programs that enhance the capacity of Filipino workers into globally-standard skills.
In March, during his visit in Germany, President Marcos signed an agreement for the reskilling and upskilling of Filipino workers on digitalization and green economy.
Following the signing for renewal of the “Cooperation Program” between the two educational and training entities, TESDA and Germany’s Federal Institute for Vocational Education and Training (BIBB) carried out several measures for capacity building.
Among the capacity building measures include conducting thematic visits per year, with both entities providing workplace and technical facilities for free.
Other measures include exchange on policy research and knowledge management, support evaluation for apprenticeship and dual training systems programs, and support evaluation and improvement of the Study on the Employment of Technical and Vocational Education and Training (TVET) Graduates (SETG).
Liberalizing restrictions on info transfer technology, ease of doing business PH
A pillar to the country’s economic reform is liberalization to restrictions on the economic system.
One of those include President Marcos’ digital transformation agenda that prompted Google to expand its business in the Philippines.
President Marcos met with executives of Google in April after his trilateral meeting with US President Joe Biden and Japan Prime Minister Kishida Fumio in Washington where they discussed ways to strengthen economic and maritime cooperation between the three countries.
He asked Google to increase the cybersecurity activity in the Philippines, particularly the country’s regulatory efforts and to come up with a system that will provide efficient digital services for all Filipinos across the country.
Privatization cut govt’s financial burdens through PPP towards better economy
Public-Private Partnership has been known as one of the government’s options that can reduce its financial burden while still providing economic support to its people.
One of these PPPs that helped the country’s economy reduce financial burden is the privatization of the Laguindingan Airport and turned it into an international aviation hub.
Through the agreement, Aboitiz InfraCapital expanded Laguindingan’s capacity from 1.6 million passengers annually to 6.3 million each year, thereby promoting regional growth, generating jobs and livelihood while creating investment opportunities.
In April, efforts to make Batangas port perform multi-strategic roles propel economic development.
Maximizing the port of Batangas helps decongest the seaports in Manila, causing the dispersal of economic activities to places more than capable of housing entrepreneurial and industrial boom.
Inaugurating the bigger and better passenger terminal fully unlocks the potential of the places and people being served by Batangas port.
The project implementation generated more than 1,100 jobs and is expected to further generate around 1,800 jobs through the commercial establishments in the Batangas Port Passenger Terminal Building (PTB). | PND
