Filipinos are justifiably proud of world class talents like Olympic gold medalist Hidilyn Diaz and multi-awarded actress-singer Lea Salonga. Jollibee has become a well-known fast-food chain from Southeast Asia to Europe. Filipina nurses shone at the height of the recent pandemic, gaining recognition from governments for their extraordinary dedication. Across many professions, outstanding global Filipinos have been similarly recognized.
Yet, the Philippine economy continues to lag its Asian peers despite the apparent abundance of world-class Filipino talent — a good number of whom have been constrained to seek proverbial greener pastures overseas.
President Ferdinand R. Marcos has included in his priority legislation list the Tatak Pinoy, or Proudly Filipino Act. Sponsored by Senator Sonny Angara, it seeks the transformation of the Philippine economy on three fronts, namely: “First, the imperative to modernize agriculture and increase its productivity. Second, the need to increase the employment share of the manufacturing sector, and in general, of the complex sectors of the economy. And third, the production and export of a more complex basket of products and services like the manufacturing of advanced microchips, electric vehicle components, and even aerospace parts.”
A parallel initiative has been launched by the Department of Trade and Industry (DTI), as embodied in the Philippine Export Development Plan 2023-2028 Agenda: “Our vision is to establish the Philippines as a leading exporter of high-value products and services by 2028 while leveraging our superior knowledge and talent to cater to the diverse needs of global consumers and producers. This PEDP vision reinforces our broader vision of the Export Development Act (EDA), paving the way for a dynamic exporting nation that provides a wide variety of high-value products and services by 2040.”
Citing a pioneering study conducted by Dr. Ricardo Hausmann of Harvard University and Dr. Cesar Hidalgo of the Massachusetts Institute of Technology (MIT), Senator Angara emphasizes that for the Philippines to become prosperous, it must be able “to produce and trade a diverse array of complex and uncommon products and services.”
Last June, President Marcos led the launching of the Philippine Export Development Plan (PEDP) 2023-2028 that has a four-pronged strategy for boosting export competitiveness: first, investment in infrastructure to reduce logistics costs; second, further facilitate the ease of doing business; third, promote exports through trade missions, exhibitions and marketing initiatives; and fourth, provide financial assistance to exporters through loans and grants.
The PEDP seeks to implement targeted, granular strategies to increase exports on three fronts: Global Value Chain (GVC) Export Clusters; Food and Agri-Marine; and Labor Intensive Manufacturing.
Tatak Pinoy fosters pride in a culture of competency as it promotes convergent national objectives, such as “creating more high-paying jobs and earning opportunities; raising incomes and living standards of Filipino families; reversing brain drain or the outflow of Filipino talent, expertise, and know-how; encouraging a wider geographical spread of economic prosperity, especially towards less developed areas and disadvantaged sectors; and improving equality by making public services available and accessible to all stakeholders.”