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Manila Bulletin devider Opinion devider Inspiring numbers

Inspiring numbers

Published Sep 7, 2020 11:00 pm
John Tria John Tria

#MINDANAO

As the “ber” months kick in, many businesses are now preparing their recovery and resilience plans focusing on scenarios for 2021, where forecasts indicate a stronger recovery for the economy. With eased restrictions especially on the flow of goods since June and with lower unemployment at 10%, consumer demand is expected to rise, providing a stronger base for the critical MSME sector to recover more strongly as we enter the Christmas season, and say hello to 2021. Stable inflation last month at 2.4% will also help. Moreover, the lower peso-dollar exchange rate will be good for manufacturing, particularly the high-value electronics sector.  Recovery must continue. On the highest Global Innovation Index we have achieved The good news is that with the recent announcement of an increased ranking in the Global Innovation Index, adjudged the “best ever,” our science and technology leaders must be credited for moving forward with the necessary measures to create the innovative environment. (https://mb.com.ph/2020/09/03/ph-rises-best-rank-ever-in-2020-global-innovation-index/) As I have been writing about previously, innovation is an imperative for the long term. With the global economic downturn since 2019, and the more disruptions in the future, the new normal economy brings higher competition, coupled with the challenge of investing in new ways of producing and distributing products and services. As entrepreneurs, thriving in the new normal will mean being better able to meet these challenges. In simple terms, innovation will mean making our products more durable to withstand the long trip to new markets and possibly, longer storage times due to possible delivery delays, with appropriate packaging especially for our agribusiness enterprises and agriprocessors. In this light, a positive development is the possibility of improved logistics for perishable agriproducts through the installation of cold storage facilities in various ports and the order of the DOTr-Marina to ask local shippers to provide a 40% discount  and space for agriproducts. It will also mean making new products out of current ones, like coconut derivatives such as virgin coconut oil, where demand is expected to rise further following the encouraging results from recent clinical trials by the DOST as a supplement to boost immunity. This will also mean logging into digital payments systems that can possibly speed up and lower transaction costs between buyers and sellers, especially between Mindanao and Luzon and the Visayas. These innovations, coupled with financing support will and must drive economic expansion in the medium term, when the demand for innovative approaches will be more necessary to compete more deeply. Moreover, under the 2018 innovation act, Regional Inclusive Innovation Centers are established. This complements the innovation funds and programs of the Department of Science and Technology (DOST). We will need to roll them out further to help our MSMEs. The task at hand is to roll out these innovation programs strongly, especially in the regions to boost MSMEs, employment and add value to locally available raw materials. Online Davao Agri Trade Expo Part of innovation includes bringing Mindanao’s major events online. Apart from the Mindanao Business Conference starting on September 10, the upcoming 22nd Davao Agri Trade Expo aims to bring together agribusiness suppliers and buyers – online. We hope you can all join the launch of the event on September 22. Check out the www.davaochamber.com page for details. Go CFC-KFC! Congratulations to CFC Kids for Christ (KFC) on your Global Day of Service, where thousands of kids served by doing home general cleaning and launched home vegetable gardens! Stay safe everyone! For reactions: facebook.com/johntriapage

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