QUEZON CITY (PIA) -- In the pursuit to minimize the effects of inflation, the Philippine Economic team, led by Finance Secretary Benjamin Diokno said the government is revisiting areas where it can enhance the policy environment and explore new opportunities for high and broad-based growth, which will be aligned with the emerging trends in the global economy.
The government has made inflation a top priority and is carefully balancing monetary and fiscal measures to reduce the impact of rising commodity prices on the most vulnerable sectors of society without compromising economic growth.
For the Finance chief, mining industry has the possibility to stimulate and regain our economy after the pandemic.
“The mining industry holds the greatest potential to be a key driver in our recovery and long-term growth, especially now that world metal prices are high. The Philippines, after all, is one of the world’s most richly endowed countries in terms of mineral resources. As such, we will harness the potential of the extractive sector to drive long-term economic expansion. In the same vein, we are committed to making the Philippines competitive in the semiconductor and electronics industry,” Sec. Diokno said.
The semiconductor and electronics industry are the top contributor to the Philippines’ manufacturing sector and represents its largest export sector. With this, Sec. Diokno expects output in the next 12 months to remain optimistic with hopes of demand expansion.
Apart from these, the country is also pursuing energy transition, and has opened up the renewable energy sector to full foreign ownership.
A more liberalized renewable energy sector will quicken the country’s transition towards a clean, affordable, and desirable mix of energy sources, which in turn will create more green jobs as envisioned in the Philippine Development Plan 2023 to 2028.
“With stronger ties and an integrated supply chain, we can facilitate a seamless trade of goods that will contribute to the just global transition to renewable energy powered by advanced technology. This vision can be achieved by mapping critical mineral supply chains, improving traceability in key sectors, and coordinating on diversification efforts,” Sec. Diokno added. (DOF / PIA-NCR)
