New dawn for global value chain industry clusters to benefit the Philippines
The World Bank (WB) is hopeful that the Philippines can take advantage of the new dawn for global value chain (GVC) industry clusters by repositioning itself and enhancing its participation in the global context of reconfiguration. Achieving this according to the WB requires no less than concerted effort from the government and private sectors and other key players by executing a plan that can guide investments from both domestic and foreign investors. This was the statement of WB Country Director for Brunei, Malaysia, Philippines, and Thailand Ndiame Diop as he opened the bank’s recent release of its report “A New Dawn for Global Value Chain Participation in the Philippines” as it eyes increasing the country’s GVC participation in a post–COVID-19 world. “For the Philippines, this is an opening to embark on industrial transformation, reconfigure our exports into industry clusters and strengthen GVC participation; and make the Philippines a more attractive investment destination. We in the new administration are committed to steering the country back to its high-growth path and keeping the momentum toward an inclusive and resilient society,” Department of Trade and Industry (DTI) Secretary Alfredo Pascual said in his keynote message. Secretary Pascual emphasised that the country is already having signs of an economic recovery as its Gross Domestic Product (GDP) grew by 7.4 percent in the second quarter of this year which marked the fifth consecutive quarterly growth since the start of 2021. “Challenges remain. Inflation stood at 6.9 percent this September and increasing costs and supply chain disruptions slowed the country’s economic momentum. Despite these challenges, the government remains focused on fully reopening the economy and its goals to reduce costs, stabilise prices and ensure health, food, and energy security,” he pointed out. Pascual said that implementing an inclusive, sustainable, and resilient industrial policy is imperative […]