Bold Pascual policies help spur growth

Bold Pascual policies help spur growth | Daily Tribune

The Department of Trade and Industry (DTI) has driven the Philippines towards a more robust and resilient economy amid the global economic slowdown caused by the Covid-19 pandemic.

Through strategic policies, support for businesses, and proactive measures, the DTI has been instrumental in promoting economic recovery and stability in the country.

The department's efforts have yielded significant positive results in enhancing the investment climate, creating job opportunities, and implementing milestone laws, economic growth, and investment potential.

In the first quarter of the year, the Philippines experienced a remarkable economic growth rate of 5.8 percent, which is said to have outperformed several Southeast Asian counterparts, such as Vietnam, Indonesia, Malaysia and Singapore.

The achievement underscores the resilience of the Philippine economy in the face of challenging circumstances and solidifies its status as a promising destination for potential investment ventures.

The Philippine economy displayed robust growth across all significant production sectors, with each industry experiencing positive expansion.

According to the World Bank, the country is expected to achieve a growth rate of 5.8 percent in this entire year.

This optimistic forecast is attributed to solid consumer spending, sustained growth in the services sector, and an anticipated recovery in international trade.

Infrastructure development and job creation

In partnership with the DTI and Private-Public Partnership (PPP), the government has revealed a robust pipeline of 134 projects with a combined value of P3.03 trillion.

These infrastructure investments are anticipated to yield significant economic advantages, including improved public services and enhanced connectivity, while simultaneously creating numerous investor opportunities for the Filipino population.

The DTI has approved 1,090 projects amounting to P2.73 trillion, underscoring a high level of government investors and signaling a favorable investment environment.

These approved projects are projected to generate hundreds of thousands of job openings, contributing to the nation's economic growth and prosperity.

Strong business sentiment

The government's persistent initiatives and strategic policies have significantly reduced the unemployment rate, which decreased to 3.9 percent from 4.7 percent during the year.

The decline in unemployment indicates a considerable improvement in the employment scenario, signifying that more Filipinos have secured gainful employment and are actively contributing to the country's overall economic prosperity.

There has been a notable resurgence in business sentiment, reflected in the substantial forthcoming investments across diverse sectors.

Notably, a pioneering collaboration between the government and a prominent local pharmaceutical company is set to establish the country's first vaccine manufacturing facility.

The groundbreaking initiative aims to ensure a steady and ample supply of vaccines domestically, thereby reducing the nation's reliance on external sources and bolstering its self-sufficiency in public health measures.

Healthcare and access to cheaper medicines

The Philippine Pharma Procurement Inc. has launched comprehensive efforts to tackle the issues of medicine availability and affordability within the country.

One of the critical components of this initiative is the establishment of the Central Medical Store (CMS), which is dedicated to ensuring that primary healthcare facilities have access to affordable medicines.

The CMS offers medicine for primary healthcare based on the requirements of the Department of Health's “Botika ng Bayan” and the Philippine Health Insurance Corporation's “Consulta.”

As of 15 June 2024, local government units and three DoH-retained hospitals have availed of the facility's services and enjoyed savings of as high as 42 percent.

The initiative has already achieved significant Philippine savings for local government units and health institutions. It has improved access to essential medicines for the public, ultimately contributing to the overall welfare of the population.

Industry development and clean energy transition

Efforts to boost domestic steel production and clean energy transition are expected to create additional jobs and drive economic growth.

The planned micro, small and medium enterprises (MSMEs) container terminal in Batangas and initiatives to boost domestic steel production and export capability are expected to further employment and invigorate the countryside business.

The DTI's relentless attempt to effect clean energy transition also offers domestic and private firms substantial business opportunities and a significant economic boost.

Milestone laws and global competitiveness

Two significant pieces of legislation have been successfully enacted to enhance the Philippines' global competitiveness with solid support from the DTI.

The Tatak Pinoy Act seeks to bolster the productivity and standing of domestic industries in the international market. At the same time, the Internet Transactions Act aims to establish a comprehensive framework for overseeing e-commerce activities in the country.

These groundbreaking laws lay the foundation for creating a secure and reliable online transaction environment, stimulating innovation, and driving economic expansion within the digital economy.

MSMEs' access to technology and finance

The DTI has been instrumental in facilitating the access of MSMEs to technology and financial resources, enabling them to survive and thrive in the dynamic and competitive business environment.

Through various initiatives supporting MSMEs, the DTI has made significant contributions to the expansion and development of these enterprises, thereby strengthening the economy as a whole.

Through its initiatives, the DTI has effectively fostered industry development, created numerous employment opportunities, and implemented significant laws.

As a result, the Philippines has transformed into a resilient and robust economy.

Laudable bureaucratic efficiency

Also, the DTI has made significant strides to improve the processes for investors and enhance operational efficiency.

One of the notable achievements is the introduction of online business name registration, which led to a considerable 5.6 percent increase in registrants from January to 20 May compared to the same period last year.

In just five months of this year, the number of registrants reached 605,581, showcasing the effectiveness of the BN Registration System Next Gen.

This system allows for end-to-end online registration in as little as eight minutes, from submitting applications for BN registration (new and renewal) to downloading a registration certificate.

This user-friendly approach empowers individuals to complete registration wherever they are just by using their mobile devices with internet connectivity.

The DTI also launched the Philippines Online Dispute Resolution System (PODRS) and the Consumer Complaints and Resolution System (CAReS) to provide accessible channels for reporting and tracking complaints from the initial filing to resolution.

Consumers can create their accounts in the Consumer CAReS within 10 minutes and file complaints (with proof of transaction) within the same system in about 10-20 minutes, depending on the complexity of the complaint.

Notably, there is no requirement for personal appearances or physical documents.

Moreover, the integrated Registration Information System (IRegIS) yielded an impressive 95.52 percent satisfaction rating in processing 40,273 permits, licenses, and accreditations applications in 2023.

It was complemented by a similar satisfaction rating for frontline services, demonstrating the DTI's commitment to facilitating a seamless business environment.

Senior citizens' discounts

The DTI is dedicated to finding innovative ways to ensure consumers can afford necessities and prime commodities (BNPCs).

In a collaborative effort with the Departments of Agriculture and Energy, the DTI recently announced the signing of Joint Administrative Order No. 24-02 on 21 March 2024.

One of the significant changes introduced in this order is the increase in the special discount for senior citizens and persons with disabilities (PWDs) on BNPC purchases.

The weekly discount has been raised from P65 to P125, providing more financial relief to these vulnerable groups.

The new purchase cap has also been set at P2,500 per week, a substantial increase from the previous limit of P1,300.

These adjustments aim to address the needs of senior citizens and PWDs and make essential goods more accessible to them. Sustained efforts have played a vital role in facilitating trade, attracting investments, and bolstering economic growth in the Philippines. Through its various initiatives, the DTI has created employment opportunities and streamlined bureaucratic processes, making it easier for businesses to operate. The DTI's interventions have also helped safeguard consumers' purchasing power, ensuring fair and competitive markets. These collective efforts are essential for propelling continual advancement toward the vision of a “Bagong Pilipinas” characterized by modernization, prosperity, and sustainable development.