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Manila Bulletin devider Opinion devider The Tatak Pinoy Act: A game changer

The Tatak Pinoy Act: A game changer

Published Jul 22, 2024 09:53 pm

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The Tatak Pinoy Act Forum, organized by the Department of Trade and Industry recently, was well attended. Everyone was eager to know why the landmark legislation, recently signed into law, marks a pivotal moment in the Philippines’ journey toward becoming an industrialized nation.

The Tatak Pinoy Act (TPA), officially known as Republic Act 11981, is a strategic move to transform the Philippines into a globally competitive industrialized nation. Historically, the country’s economy has heavily relied on agriculture and services, with manufacturing playing a relatively minor role. This has resulted in the country becoming a net importer of goods for the longest time. Generally, the manufacturing sector of the Philippines has remained a provider of low-value operations, which has become very susceptible to technological changes. This act seeks to change that by promoting the development of sophisticated and diverse local industries that can compete globally.

One of the primary goals of the Tatak Pinoy Act, as articulated during the forum, is to bolster the country’s economic development by fostering industrial excellence, innovation, and global competitiveness. By creating a robust industrial ecosystem that can produce high-quality, innovative, and sustainable products, the country’s manufacturing sector can then move up the global value chain. 

One of the critical components of the Tatak Pinoy Act is the Tatak Pinoy Strategy (TPS), which serves as a roadmap for empowering targeted industries. The TPS focuses on providing the necessary tools and support to help local businesses thrive in the global market. Programs under the TPS will center around the five pillars: human resources, infrastructure, technology and innovation, incentives and funding, and financial management. It puts emphasis on a whole-of-nation approach, where government and business will work as one to achieve the goals.

The path to economic development is complex, and many countries, including the Philippines, are grappling with how to foster sustainable growth and prosperity. While free markets have undoubtedly fueled economic progress, many nations are revisiting the concept of industrial policy, a set of government interventions aimed at nurturing specific industries deemed crucial for long-term development.

The TPA underscores the necessity of having a comprehensive industrial policy in the Philippines. An industrial policy provides a strategic framework for developing targeted industries, primarily leveraging domestic resources and know-how. It guides government actions and investments and helps identify priority sectors, allocate resources, and implement programs to promote industrial growth. The industrial policy does not have to translate into protectionism. Instead, it should aim to create a level playing field for domestic firms to compete globally. Trade policies and regulations can address unfair competition from foreign competitors while encouraging domestic innovation.

The TPA is crucial for addressing the usual challenges and opportunities of a modern global economy. It was not crafted in isolation but with the understanding that the Philippines needs to adapt to changing market conditions, technological advancements, and competitive pressures. It is designed to be flexible and responsive, ensuring that it remains effective in the face of evolving economic landscapes, thereby reassuring the future of the Philippines' industrial development. 

Several countries have successfully harnessed industrial policy for economic development. South Korea's government prioritized specific industries, like steel and electronics, providing targeted support that fueled rapid economic transformation. In the case of China, its “Special Economic Zones” offered financial incentives and relaxed regulations, attracting foreign investment and driving export-led growth in targeted sectors. Germany’s focus on vocational training and collaboration between industry and academia fosters innovation and a highly skilled workforce in key sectors like manufacturing and engineering.

We should not consider the Tatak Pinoy Act a magic bullet. Choosing the wrong industries for support can lead to wasted resources and distorted markets. Careful analysis and a focus on long-term economic goals are crucial. Transparency, clear objectives, and well-designed interventions are essential. It will need the government's long-term commitment and adaptation to changing market conditions. Finally, our leaders must resist using it for short-term political gain.

The world’s dynamic economic landscape demands a nuanced approach to promoting economic development, creating high-quality jobs, and fostering long-term prosperity for the Philippines. The Tatak Pinoy Act represents a significant step toward the country’s industrialization. When implemented thoughtfully and transparently, combined with effective marketing programs, it can be the vital spark that ignites the nation’s economic engine. As the Philippines embarks on this industrialization journey, everyone’s hopes will be pinned on this new policy, which will play a crucial role in shaping a thriving and globally competitive Philippine industrial sector. 

 

(The author is an executive member of the National Innovation Council, Lead Convener of the Alliance for Technology Innovators for the Nation (ATIN), vice president of the Analytics and AI Association of the Philippines, and vice president of UP System Information Technology Foundation. Email: [email protected])

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