Innovate to unlock PH potential as high-income country: NEDA

MANILA – Policies are now in place to use new technologies in unlocking the country’s potential to be a high-income economy, the government’s top economist said.

During the online celebration for the National Innovation Day Thursday, Socioeconomic Planning Secretary and National Economic and Development Authority (NEDA) Director General Karl Kendrick Chua said the Philippine Innovation Act will raise the country’s productivity through research and development, and using new technologies and processes.

“This will enable us to shift from low-value added to high value-added activities and unlock the potential to become a high-income country,” Chua said.

He said to enable this potential, innovation should be one of the country’s priorities in its next Philippine Development Plan (PDP).

“The national innovation agenda will highlight priority innovation areas and streamline the development, implementation and coordination of innovation policies and strategies in the country,” the NEDA chief added.

This year, the National Innovation Council and stakeholders will craft the National Innovation Strategy document guided by the Philippine Innovation Toolkit.

“We still have a long way to go before becoming an innovation hub like South Korea or Singapore, but there is no doubt the Filipinos have the innate talent, grit, and creativity to make this possible,” Chua said.

For the Department of Trade and Industry (DTI), Undersecretary Rafaelita Aldaba said the agency puts science, technology, and innovation “at the heart” of its industrial policy.

Aldaba said the enactment of the Philippine Innovation Act indicates the government’s strong commitment to pursue innovation to achieve inclusive and sustainable economic growth.

“Innovation is the key to economic growth. It leads to improvements in competitiveness and productivity, and is the secret sauce for the success of many advanced countries,” she added. (PNA)