PH Globalization, Industrialization and Tech
— DTI Sec. Pascual

13 July 2023 –Department of Trade and Industry Secretary Alfredo Pascual said Philippine business needs to globalize and industrialize to accelerate growth.

“Competition does not happen in a limited space, it has to be global,” Sec. Pascual said in the sixth and last session in MBC’s F2F With Cab Secs series. “I think we have a chance of industrializing through technology-based industries” instead of other fields where neighbors have a bigger head start.

Sec. Pascual said this growing interest from foreign investors is partially due to economic reforms passed during the first year of the Marcos administration and towards the end of the Duterte administration.

He said the reforms provided “ an initial foundation for building on what we want. In my case, what I want is to pursue industrialization for the country.”

Sec. Pascual has been diligently promoting the Philippines as an investment destination, he noted that he’s done 14 trips so far promoting the country.

Sec. Pascual also noted that after the recent ratification of Regional Comprehensive Economic Partnership (RCEP) the Philippines is preparing to join the rules-based, Indo-Pacific Economic Framework led by the United States:

“Joining IPEF, which is not about market access but all about rules of conduct. And we are prepared to submit to such rules of conduct in the four pillars of IPEF. (trade, supply chain, clean economy, fair economy).”

Aside from MBC members and other guests, also attending was Joel Consing, Undersecretary at the Office of the Presidential Adviser on Investment and Economic Affairs.

The series was sponsored by Acciona, SM Investments, Steel Asia – to deepen public-private dialogue and collaboration. This session was also sponsored by Wilcon Depot.