THE Investment and Economic Affairs under the Office of the President is eyeing to prioritize key sectors for economic development.
In an event hosted by the World Trade Center Metro Manila Business Club on Monday, February 26, Special Assistant to the President Secretary Frederick Go named mining, electronics and semiconductors, food and agriculture, steel, and pharmaceutical as priority industries for investments.
“Some of them are on the list because the country needs them. Some are because it’s a clear industry that we should be competitive in,” Go said.
Among the industries with potential, according to Go, are mining, electronics, and semiconductors. He mentioned that the government is eyeing to shorten the processing time for exploration projects particularly for nickel, copper, and ore.
For the electronics and semiconductor industry, the administration is looking to boost assembly, testing, and packaging and eventually help the industry to grow to product design and prototype maker.
“The electronics industry is a $49-billion industry. If you believe the competitive advantage of a country is in the ecosystem at play, semiconductor and electronics has the largest. It’s a low-hanging fruit nobody picked,” Go said.
The economic czar also wants to see a boost in agriculture production of “every possible commodity” aside from increasing post-harvest facilities and improving the food logistical chain.
He also sees the steel industry as foundational to any country’s economic growth.
Lower cost of medicines will also be possible if there will be more investments on the pharmaceutical manufacturing industry.
To be able to attract more investments to the Philippines, Go underscored the need to improve the ease of doing business through reforms and policies such as addressing issues in Customs administration and simplifying VAT-related rules specifically on streamlining VAT refund for investors. (ABS-CBN News)
