Rafaelita M. Aldaba
Department of Trade and Industry
doi.org/10.57043/transnastphl.2018.1086
ABSTRACT
While the Philippine economy had at an average rate of 6.4 percent from 2010 to 2017, with manufacturing and services growing at 7.6 percent and 6.7 percent respectively, the performance of agriculture, fisheries, and forestry had an average growth of only 1.4 percent during the same period. Since most of the regions are dependent on agriculture, fisheries, and forestry, regional economic imbalances have continued to persist, along with poverty, unemployment, and underemployment. To sustain a high level and inclusive growth, the government has started to implement a growth model where a modern industrial sector plays a key role in generating investment and employment. This new industrial policy known as Inclusive Innovation Industrial Strategy or i3S, has innovation at its heart, and aims to grow and develop globally competitive and innovative industries with strong forward and backward linkages. The strategy focuses on three major areas: creating an innovation and entrepreneurship ecosystem, removing obstacles to growth to build industry clusters, and strengthening domestic supply and value chains to deepen the country’s participation in global and regional value chains and networks. The strategies and recommendations include: (a) development of human capital towards innovation and entrepreneurship; (b) strong government-academe-industry linkages; (c) enabling program and policy environment to accelerate innovation; (d) an entrepreneurship culture and support programs for start-ups, micro, small, and medium enterprises (MSMEs); (e) creation of funding & finance programs to incentivize innovation; and (f) growth and development of industry clusters. It is hoped that the Inclusive Filipinnovation and Entrepreneurship Roadmap will be able to activate innovation and entrepreneurship as the main levers to reduce if not completely eliminate poverty in the country.
Email: RafaelitaAldaba@dti.gov.ph