Innovation in basic sectors to serve as a growth engine for PH: NEDA


Secretary for Socio-Economic Planning Karl Kendrick Chua (File photo)

MANILA – Innovation is needed in the most basic sectors to achieve the country’s 2040 vision to eradicate extreme poverty and become a high-income country, said the National Authority for Economy and Development ( NEDA).

“The country’s economic performance has exceeded expectations in 2021. We plan to return to pre-pandemic levels in early 2022. However, as this pandemic has shown, we cannot simply resume our operations as of usual… With the exception of some city-states, not the country has achieved high-income country status without first addressing agricultural productivity, ”Socio-Economic Planning Secretary Karl Kendrick Chua said on Wednesday, during the 2021 Inclusive Innovation Conference organized by the Ministry of Trade and Industry.

Chua cited the case of the Rice Pricing Law, which succeeded in lowering rice prices for all Filipino consumers while increasing the productivity and incomes of rice farmers through the Rice Competitiveness Enhancement Fund.

“Through more innovation and reform to address the country’s political distortions starting with the most basic sector, agriculture, we can transform our agriculture, manufacturing and services, and provide better economic opportunities and better outcomes for all, ”he said.

Other reforms that will boost innovation in the country include changes to the Civil Service Law and the Philippine Identification System (PhilSys).

“NEDA fully supports the urgent adoption of amendments to the Civil Service Act. Relaxing foreign ownership restrictions will help us attract more investment and create more jobs which are essential to accelerate our economic recovery. This, in turn, will expose us to new ideas, best practices and high skills in an increasingly globalized world, ”said Chua.

Additionally, PhilSys will provide every Filipino with a unique, digitized proof of identity to give every Filipino, especially the poor, access to much-needed social, financial and digital services.

As of December 10, PSA had registered 50,014,382 Filipinos in collecting demographic and biometric data.

In partnership with PSA, the Land Bank of the Philippines also processed 6,786,939 requests for bank accounts for low-income families through a colocation strategy at PhilSys registration centers.

Enacted by President Rodrigo R. Duterte in August 2018, Republic Act 11055, or the Philippines Identification System Act, aims to establish a single national identity card for all Filipinos and resident aliens.

The national identity card will be a valid identity document which will be a means of simplifying public and private transactions, enrollment in schools and opening bank accounts.

It also aims to increase efficiency, especially in dealing with government agencies where people will only need to show one piece of ID when making transactions.

At the same time, the full implementation of the Philippine Innovation Act will further consolidate the country’s growth prospects and improve its Global Innovation Index by further encouraging research, development and adaptation of new technologies.

As vice-president of the National Innovation Council (NIC), NEDA draws up the national innovation program and strategy document. This ten-year outlook will weave and harmonize existing policies and strategies based on the evolution of innovation ecosystems.

The NIC will also manage a one billion peso innovation fund in 2022. This will strengthen businesses engaged in developing innovative solutions to address the concerns of the population, especially the poor.

“Innovation is not just a question of advanced technology. On the contrary, fundamentally, innovation is about working together to find the best solutions to our most pressing, even the most basic problems in agriculture and financial inclusion. Everyone has a role to play in strengthening our culture of innovation. We look forward to working with our public and private sector partners towards our shared vision of a country free from extreme poverty, ”said Chua.(RP)

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