PH positioned as hub for sustainable manufacturing, services

PH positioned as hub for sustainable manufacturing, services

Story by Connie Fernandez-Brojan
Inquirer.net
31 August 2024

CEBU CITY — The Department of Trade and Industry (DTI) seeks to transform the country into Southeast Asia’s hub for smart and sustainable manufacturing and services.

This was disclosed by Trade and Industry Undersecretary Ceferino Rodolfo during the Cebu leg of the business forum organized by Security Bank Corp. and SyCip Gorres Velayo (SGV) & Co. at Nustar Resort in Cebu City last Aug. 16.

Aside from Rodolfo, the two other panelists were Maria Elena Arbon, DTI director for Central Visayas, who talked about the potential of small- and medium-sized enterprises; and lawyer Jules Riego, who stressed the need for effective wealth management and succession planning to protect families’ legacies.

Rodolfo, also managing head of the Board of Investments (BOI), said sectors such as renewable energy and semiconductors need to be further developed for the country to become Southeast Asia’s hub for smart and sustainable manufacturing and services.

Others include smart/high-tech light manufacturing, outsourced semiconductor assembly and test, high-tech agriculture, and data centers/telecommunications infrastructure.

Free trade deals

So far, Rodolfo said the Marcos administration had undertaken reforms toward this goal, including entering into free trade agreements (FTA) with various countries, such as the Regional Comprehensive Economic Partnership with Asia-Pacific nations for possible technology transfer and influx of investments.

The government was also negotiating an FTA with the European Union and a reauthorization of the Generalized System of Preferences with the United States, he added.

The administration had also eliminated tariffs on electric vehicles and removed equity restrictions on foreign entities regarding renewable energy projects to entice more direct investments.

Collaboration

In Cebu, Rodolfo noted that the BOI approved P3.912 billion worth of projects from the private sector.

These are in various sectors such as cold storage, renewable energy, information technology and business process management, and manufacturing.

Still, Rodolfo stressed a need for greater collaboration between the government and private sector to strengthen economic growth in the Philippines. “This is crucial given the country only has a short window in achieving its goal to be Southeast Asia’s hub for smart and sustainable manufacturing and services,” he added. Security Bank regularly hosts events and forums as an extension of its BetterBanking brand promise.

“We hold these forums as part of our commitment to provide our clients with valuable insights for everyday business and investment decisions. This forum embodies our BetterBanking mission to enrich lives, empower businesses, and build communities sustainably. It also leverages our partnership with organizations and industry leaders, such as the DTI and SGV, to facilitate discussions on actionable strategies in today’s rapidly evolving economic landscape,” said Sanjiv Vohra, president and CEO of Security Bank.