Dr. Villegas: Global Growth Spurs Industry Development for Filipinos
Dr. Bernardo M. Villegas, Harvard University alumnus and professor at University of Asia and the Pacific, addressed the local industries and stakeholders of Dualtech Center with a largely optimistic view on local and global economies, during the Economic Briefing held at Dualtech Training Center on November 15.
Dr. Villegas began the event with an exhaustive status report on present economies, with the US government’s tariff hikes and trade wars taking the forefront. He placed great emphasis on how the shifting GDP growths in the Eurozone and the protectionist policies of the US contribute to the benefit of emerging countries, particularly in Asia. The juggernauts’ shift from international trade to self-sufficient industries and manpower has triggered the same policies in developing nations, with Bangladesh, Egypt and Indonesia leading GDP growth through manufacture and overseas workers. Additionally, conflicts in trade agreements between China and the US, as well as UK and the remaining members of the European Union, have allowed Asian producers to dominate the market, as Japan, South Korea, Taiwan, and the consumer giant China balance resource and tariffs to support their economies.
“All of this bodes well for the Filipinos. Existing industries can take advantage of cheaper raw imports and low tariff rates from ASEAN neighbors to increase production at lesser costs,” he said. He posited that the current atmosphere is ideal for industry growth.
Current markets are amplifying to accommodate developing nations, as more countries open negotiations for trade. And though the protectionist policies of US and the UK may dampen the Philippines’ export income, the same rates may be recovered through an increase in investment from local businesses,” he projected.
Dr. Villegas urged industries to take advantage of the young and growing population—those training with the best in the field, to sustain Philippine economy. He mentioned the precarious nature of the Philippine peso, and the rising inflation rates, but he stated that all of these may be augmented by an emphasis on local production and sustainability. And in this, the government’s Build! Build! Build! Program may provide greater opportunities despite the costs. The gains in employment, the propagation of local sunrise industries (agribusiness, BPOs, tourism, construction, and real estate, among others), and the attention placed on highly-skilled citizens, all spelled out a bright prognosis for our financial future.
The Economic Briefing, organized by Dualtech Center in collaboration with People Management Association of Laguna, sought to inform industry partners and stakeholders of the trends in politics and economics. The event was graced by the presence of Dr. Villegas and representatives of industries and civic institutions in the country. Dualtech partners present were Asia Brewery Corporation, Unilab, Panasonic Manufacturing Philippines, Yamaha Motors, Ito-Seisakusho Philippines Corp., SIIX Coxon Precision Philippines, Fuji Electric Philippines, Inc., Shindengen Philippines, Telford, Futaba Corporation and Enchanted Kingdom. Dualtech friends and sponsors included Letran Calamba, HR Team Asia, Allgero Beverages, among others.