PH urges nations to ensure industrialization brings inclusive growth

MANILA -- The Philippines is urging other countries to work together to ensure all sectors benefit from robust economic growth amid industrialization and technological advancements.

Socioeconomic Planning Secretary Ernesto Pernia noted that inclusivity requires the provision of greater market access by developed economies to developing ones.

“We must ensure that globalization does not only lead to generating wealth but to spreading it as well,” he said during the ongoing general conference of the United Nations Industrial Development Organization (UNIDO) in Vienna, Austria.

Pernia, also National Economic and Development Authority (NEDA) Director General, stressed that developments of the 21st century have revolutionized the conduct of business, thereby opening up new opportunities for growth.

He also cited the potential role of industrialization and the use of emerging technology, such as Artificial Intelligence, Internet of Things and Big data, in promoting inclusive growth and eradicating poverty.

“Industrialization provides developing countries the opportunity to get a larger share of the global value chain. It is thus a great equalizer among nations and a catalyst for inclusivity,” Pernia said.

“While globalization has fostered rapid economic growth and connectivity among economies, it has also caused many developing countries to be left out from reaping its benefits,” he added.

To this end, the NEDA chief further said the Philippines is working towards an ambitious and long-term vision popularly called “AmBisyonNatin 2040” or “Our Vision 2040.”

“Specifically, it aims to have people completely free from poverty, smart and innovative, and is able to live long and healthy lives in a high-trust society,” he said. (PNA)