Harnessing technology for economic growth

Harnessing technology for economic growth | Daily Tribune

This was my opening statement at the 45th National Conference of Employers.

On behalf of ECOP, let me thank you for sharing your precious time to join us today to listen, discuss and learn about an issue that is both timely and crucial: jobs generation amid a rapidly evolving technological environment.

Technology began three million years ago when humans reshaped stones into tools like hammers, axes, knives and arrowheads. This is known as the Stone Age. Technology is relentless and has exponentially developed into unprecedented applications that greatly impact our way of life.

Today, we are on the brink of unparalleled progress. The 21st century is the information age, digital age or the fifth industrial revolution.

It is imperative that we address the dual challenges of harnessing technology for economic growth while ensuring that it translates to widespread employment opportunities.

The march of technology is unstoppable. Artificial Intelligence or AI, automation, and digital transformation are reshaping industries at an extraordinary pace. These advancements promise increased efficiency, innovation, and economic expansion. However, they also bring fears of jobs displacement, widening skill gaps, and economic inequality and security concerns.

The work environment is in a fragile condition because of the disruptive impact of AI but it will be further exacerbated by the ongoing intrusive and highly politicized congressional bill on a legislated wage increase.

Our task is to strike a balance. We must leverage technology to create new opportunities, rather than simply replace human labor. To achieve this, we must focus on three key areas: education, policy, and innovation.

Firstly, education is the cornerstone of our strategy. We need to equip our workforce with the skills required in a technologically advanced world. This means investing in Science, Technology, Engineering and Mathematics or STEM education, but also fostering creativity, critical thinking, and adaptability. Lifelong learning should be encouraged, enabling workers to continuously update their skills in response to evolving demands.

Secondly, supportive policies are essential. Governments must play an active role in creating an environment where technology-driven jobs creation can flourish. This includes spending on digital infrastructure, providing incentives for businesses that invest in employee training, and developing social safety nets that support workers transitioning between jobs. Policies should also encourage entrepreneurship, as startups are often at the forefront of innovation and jobs creation.

Lastly, we must foster a culture of readiness for constant change. Businesses should be encouraged to explore new markets and technologies that can lead to jobs creation. This includes supporting research and development, promoting collaboration between industries and educational institutions, and incentivizing the adoption of technologies that complement human labor rather than replace it.

One good example of change aided by technology that will generate new jobs is renewable energy. As we transition to greener technologies, new industries and jobs are emerging in solar power, wind energy, and electric vehicle production. By prioritizing sustainable transformation, we not only address environmental concerns but also create a huge opportunity for new jobs.

Furthermore, technology can open doors to jobs that were previously unimaginable. The rise of the gig economy, remote work, and digital platforms has created flexible employment options that cater to diverse needs and lifestyles. Embracing these changes can lead to a more inclusive labor market where opportunities are available to a broader segment of the population.

In summary, our rapidly evolving landscape presents both significant challenges and rewards. By prioritizing education, supportive policies, and a culture of innovation, we can ensure that our workforce is equipped with the essential skills for the future and fostering a culture of continuous learning and adaptability.

Let me stress the importance of supportive policies which are pivotal to creating an environment conducive to innovation and jobs creation.

We urge our legislators to resist the politically tempting but intrusive policies like legislated wage hikes, more holidays and paid leaves, and other equally harmful business-unfriendly laws.

Let us embrace the future with optimism, equipping our workforce with the tools and skills they need to thrive in a technologically advanced world. Together, we can create a future where technology and human potential grow hand in hand, leading to a more prosperous and inclusive society.

In closing, let me thank all of you once again and I leave you with the promise that this forum will be interesting, productive and worth your while.

Maraming salamat po. Mabuhay!