[OPINION] From vision to reality: DTI's economic blueprint to propel the Philippines as a global powerhouse

Amidst global economic headwinds, the Philippines emerges as a beacon of economic resurgence on the global stage. Our country outperformed its Southeast Asian neighbors and achieved a robust 5.8% economic growth in the first quarter of this year. This broad-based growth spans across all major sectors.

This economic vigor is not a fleeting trend. The World Bank projects a sustained 5.8% growth for the Philippines this year, driven by robust consumer spending, continued expansion in the services sector, and an anticipated rebound in international trade. These indicators collectively paint a picture of a nation on a path of sustained economic expansion.

Seizing this pivotal moment, the Department of Trade and Industry (DTI) is driving transformative initiatives to fuel inclusive growth and empower Filipino businesses and consumers. Under our new banner—ANGAT Negosyo, ASENSO Trabaho, ALAGAng Konsyumer para sa Bagong Pilipinas (elevate enterprises and entrepreneurs, employment generation and economic growth, and empower and care for consumers for a new Philippines)—we have spearheaded initiatives that have already yielded tangible results.

Businesses are thriving, thanks to streamlined access to financing and market intelligence, along with a wave of approved foreign investments contributing to the economy and its prospects. Our digital transformation initiatives have also leveled the playing field, allowing businesses to compete globally. Thousands of Filipinos have acquired new skills and jobs through DTI-backed programs. Consumers are more empowered than ever, protected by fair trade practices, and informed of their rights.

Indeed, Bagong Pilipinas is not just a vision; it is a reality unfolding before our eyes, and the DTI is proud to be at the forefront of this exciting new era. We are confident that the Philippines is on the road to a significant economic transformation—sustainable, inclusive, and driven by innovation. We are building an economy that works for all Filipinos, providing opportunities for everyone to succeed and thrive.

ANGAT Negosyo: Elevate enterprises and entrepreneurs

Empowering micro, small, and medium enterprises (MSMEs) is the center of our economic agenda. We recognize these businesses—the neighborhood sari-sari stores, the innovative tech startups, the skilled craftsmen, and women—as the lifeblood of our economy.

To truly unlock their potential, we must address a fundamental challenge: access to finance. Through initiatives like the Small Business Corporation (SBCorp), with a proposed increase in authorized capital to P50 billion and an initial infusion of P10 billion in 2025, we provide much-needed financial assistance to promising MSMEs, particularly those in underserved areas. By ensuring local MSMEs have access to affordable credit and financial services, we enable them to invest in their businesses, create jobs, and contribute to our nation's economic prosperity.

To complement this financial support, the newly approved MSME Development Plan outlines our comprehensive strategy for supporting these vital enterprises. We are investing in their digital transformation, providing the tools, training, and resources needed to harness the power of artificial intelligence and other cutting-edge technologies. By facilitating their access to advanced technology, we enable them to streamline operations, enhance productivity, and reach new markets.

A prime example of our commitment to harnessing technological advancements for local entrepreneurs is the establishment of the Center for Artificial Intelligence Research (CAIR) and the National Startup Accelerator Platform. CAIR will be an AI research and development hub, facilitating industry, academia, and government collaboration. By harnessing AI's power, we drive innovation across various sectors, enhance our global competitiveness, and provide employment opportunities for our people.

The National Startup Accelerator Platform, powered by Plug and Play, will provide a launchpad for promising startups. This initiative offers mentorship, funding, and access to global networks. It is designed to propel the next generation of entrepreneurs, empower them to turn their innovative ideas into reality and contribute to our nation's economic growth.

Our dedication to innovation is not confined to nurturing local startups; we are equally driven to solidify these transformative initiatives and ensure their long-term impact as DTI implements recently enacted landmark laws such as the Tatak Pinoy Act. 

The Tatak Pinoy Act aims to enhance the reputation of locally-made products and services in the Philippines. It seeks to ensure that products with the label "Made in the Philippines" represent quality, innovation, and sustainability. This initiative aligns with President Ferdinand R. Marcos Jr.'s industrial policy, which targets to boost Philippine enterprises and create high-quality products and jobs. The DTI plays a significant role in promoting and supporting local industries to build a strong domestic market and expand into the global market.

ASENSO Trabaho: Employment generation and economic growth

This commitment to elevating enterprises and entrepreneurs goes hand-in-hand with our broader efforts to create jobs and drive economic growth. The government's proactive measures to enhance the investment climate are expected to attract private sector participation in infrastructure development. The PPP Center has bared a robust pipeline of 134 infrastructure projects with an aggregate investment value of P3.03 trillion. These investments are set to unlock substantial economic benefits and generate a ripple effect of prosperity throughout the nation.

At the DTI, we have played a vital role in fostering investor confidence. With 1,090 approved projects valued at P2.73 trillion, our efforts have built a significant investment pipeline that will pave the way for job creation.

These investment approvals will bring about tangible projects to reshape our economic landscape. A prime example is the groundbreaking USD 800 million international container terminal in Bauan, Batangas. To be built by the Razon-led ICTSI, it is the most significant private marine terminal investment in the Philippines. It is set to create a vibrant economic ecosystem in the region, stimulating local businesses, generating employment opportunities, and bolstering our logistics capabilities. This increased capacity to handle cargo and facilitate trade will pave the way for a more interconnected and competitive economy while supporting emerging sectors like clean energy.

We recognize clean energy's immense potential to revolutionize industries and create a wealth of new opportunities. Parallel to this is our strategic collaboration with SteelAsia, a leader in sustainable manufacturing practices, which is set to bolster industrial growth and national self-reliance. By revitalizing domestic steel production through environmentally responsible methods, this initiative will create 15,000 new jobs and strengthen our manufacturing sector.

A more robust and sustainable steel industry empowers us to meet domestic demand, reduce import dependency, and enhance our global competitiveness by increasing our production capacity, improving the quality and diversity of steel products, and driving down costs.

ALAGAng Konsyumer: Empower and care for consumers

In our relentless pursuit of accessible and affordable basic necessities and prime commodities for all Filipinos, the DTI is deeply invested in protecting consumer welfare, especially the most vulnerable members of our society.

Through Joint Administrative Order No. 24-02, a collaboration with the Departments of Agriculture and Energy, we have significantly increased the special discount available to senior citizens and persons with disabilities on basic necessities and prime commodities. By raising the discount from P65.00 to P125.00 per week and increasing the purchase cap to P2,500.00, we provide much-needed financial relief to those needing it most.

Furthermore, our commitment to healthcare affordability extends to the groundbreaking Central Medical Store (CMS). To address medicine availability and price discrepancies across government entities, the Philippine Pharma Procurement, Inc. conducted a pilot implementation of the CMS, focusing on the requirements of the Department of Health's (DOH) Botika Ng Bayan and the Philippine Health Insurance Corporation's Konsulta. This innovative system is transforming the way we procure and distribute essential medicines. By consolidating procurement and leveraging bulk purchasing power, we slash costs and guarantee the consistent availability of drugs nationwide.

While revolutionizing healthcare, we understand that a thriving economy is built upon empowered consumers who have access to quality goods and services at fair prices. Through initiatives like our "Balik Eskwela" campaign, we directly address the financial concerns of families during the back-to-school season by providing clear pricing guidelines for school supplies. Taking this commitment a step further, our "Diskwento Caravan" program brings essential goods directly to communities, making them more accessible and affordable for all.

While prioritizing consumer welfare, we also recognize the pivotal role that businesses play in driving economic growth and innovation. Our stringent enforcement of trade regulations ensures that all businesses, regardless of size or industry, operate on a level playing field, free from unfair competition and unethical practices. This commitment to fair play not only protects consumers but also fosters an environment where businesses can thrive and innovate, ultimately benefiting consumers through increased choice and improved quality.

'Para sa Bagong Pilipinas'

In an era of rapid technological advancement, the DTI remains steadfast in our dual commitment to consumers and businesses. We will continue to embrace innovation, champion fairness, and adapt to the ever-changing needs of the marketplace. By doing so, we are confident that we can help shape a brighter future for all Filipinos, where innovation flourishes, consumer welfare is protected, and businesses thrive.

Our commitment to innovation is translated into concrete digitalization efforts. Our online Business Name Registration System (BNRS) is a testament to our dedication to leveraging technology to empower entrepreneurs. By streamlining the once cumbersome process of registering a business, we've made it easier than ever for aspiring entrepreneurs to turn their ideas into reality. This not only saves time and resources but also builds a more inclusive business environment where anyone with a good idea can participate and succeed.

Our relentless pursuit of efficiency and accessibility leads the groundbreaking online Business Name Registration System, transforming the once cumbersome process into a seamless online experience. In just eight minutes, aspiring entrepreneurs can legally register their business anytime and anywhere with just a few clicks.

The results speak for themselves. Within the first five months of 2024 alone, we witnessed a 5.6% increase in registrations compared to last year, with over 605,000 businesses entering the formal economy. Over half a million businesses are now subject to consumer protection laws and fair competition standards, ensuring a safer and more transparent marketplace for everyone.