The 5.6% 2021 gross domestic product of the country is something to take good note of, as it beat the expectations of many. This comes as unemployment rates also decreased.
Apart from indicating recovery, the deeper significance of these improved GDP and unemployment numbers is that our young economy is fundamentally strong, and will show its potential when unleashed, showing an ability to bounce back from disruptions.
This only shows how resilient our economy is, but teaches us lessons on how we can manage disruptions and their potentially adverse economic effects moving forward.
The first is that government was able to strike a reasonable balance between ensuring that health protocols are maintained while keeping many economic sectors as open as possible.
This was apparent in 2021 in the fact that even under stricter quarantine classifications and alert levels, many companies were allowed to, and thus remained open at lower capacities, allowing some economic activities to remain humming. Remember that the health of the firms and how they can expand to generate opportunity in an economy.
Second, it shows how adaptation and innovation is essential to recover. Apart from online migration, technology such as hybrid seed propagation for instance among farms which I believe is a key factor in improving the yields of our palay sector causing it to continue growing in total yield despite challenges.
For other crops and the important livestock sectors, similar technologies in growing and downstream processing of said products will need to be increased through investments to bolster local production and create more countryside job opportunities.
Likewise, health capacities were increased in many areas to address the possibility of a rise in infections. I look forward to the upgrade of the various regional hospitals through which high levels of care can be enjoyed by a bigger number of citizens, apart from the opening of new private hospitals.
Nonetheless, vigilance against infections and disruptions will be necessary, along with a drive to seek innovation, to explore new and better ways to do our businesses. As our firms evolve, so does their capacity to adapt and innovate. Cull all of these successes together and you have an innovative, confident and resilient economy where potentials re easily re-unleashed as the bouncing back happens.
Streamlining our ports
I support moves to streamline booking and other procedures to make goods travel more seamless across the RORO ports. The move of the Anti-Red Tape Authority to investigate port congestion must be sustained. It is through these ports that many products from Mindanao travel on their way to Metro Manila’s markets.
Any congestion causes delays, and cost money, making it more expensive for or producers to reach their markets. I hope this leads to more prebooking of RORO trips and securing of necessary documents can be done online to make it easier for us to transport goods.
Congratulations fellow Davao chamber Trustees!
2022 beckons and the new trustees and officers of the Davao Chamber of Commerce and Industry has a lot of work ahead to help boost the local economy’s recovery.
Combining youth, experience and coming from a wide set of industries, it is led by President Dr. Maria Lourdes Monteverde, EVP Tony de la Cruz, Fellow VPs Rodger Velasco and Belle Torres, Corsec Jen Dumlao and Treasurer Art Perez and fellow trustees Myra Quilatan from ACCRA, SGVs Jose Raoul Balisalisa, Cherrylin Casuga from Sapphire Fruits, CFBAs Cherry Faye Al-Ag, Bloomers travel’s Marilou Ampuan, CPA Al Balagot, JIB Schools Nicole Hao Bian Ledesma and ICT advocate Roland Suico.