The Oxford Economics Country Economic Forecast in May has concluded that the country “missed a step” in industrializing. Now the question of the hour is how the country can make up for those years — and some experts believe investment in agriculture and technology will help it make up for its lost decades.
“Agriculture is and has always been a high-priority sector of the ECCP,” Mr. Wittig said. “It plays a vital role as one of the key sectors of the Philippine economy and is a crucial source of livelihood for the rural population.” However, it said that to become an attractive destination, the Philippines must join the Regional Comprehensive Economic Partnership , which is expected to improve market access and increase foreign direct investment .
The bureau specifically noted the potential for single products like bananas, pineapple, and tuna, as well as for products with complex value chains like coconut and processed food.ee and palm oil are two new products with export potential for the Philippines and are likely to be in high demand in global markets, it said.
Technological advances will make the younger generation more interested in the industry, as well as increase productivity, he said, adding: “The farmers need to learn and digitize.” Mr. Ortiz also expects higher demand for so-called “soft skills’ in the near future, with companies and enterprises needing to implement their own skills upgrading programs to keep up with rapid change.