Angara: Focus on producing higher value industries, higher paying jobs to boost economic growth

Angara: Focus on producing higher value industries, higher paying jobs to boost economic growth

By Liza Soriano

MANILA — Senator Sonny Angara said Wednesday (24 August 2022) that the government needs to refocus on creating more high-value sectors and better-paying jobs in order to reverse the growing trade deficit and spur economic growth.

Angara expressed concern over how ASEAN neighbors of the Philippines have overtaken the nation in terms of economic growth and demanded a thorough evaluation of local sectors with the goal of assisting them in moving up the value chain.

“While our budget deficit is worsening, our neighbors such as Vietnam and Indonesia are posting surpluses. Is this a sustainable direction for us as a country or do we want to reverse this? We need to find out if we are on the right track in terms of producing higher-paying jobs and higher-value industries. If the data shows we are not, then we have to reverse track at some point,” said Angara, chairman of the committee on finance.

During a hearing of the Committee on Trade, Commerce and Entrepreneurship, Trade and Industry Secretary Alfredo Pascual said there is currently an effort to shift towards industrialization as the only way to sustain economic growth and make it more inclusive.

Agreeing with Angara’s observation, Pascual said the shift towards industrialization will pave the way for the creation of more stable, better quality, and higher paying jobs and reduce the country’s dependence on the remittances of overseas Filipino workers to prop up the economy.

Angara said there is a need to track the data from the industries, particularly those that produce goods for export to see the changes in the level of income of its workers over the years.

“There is a need to track how incomes have fared in our industries and zeroing in on those that do a lot more processing and value-adding. This is how we will know if you’re on the right track and if your per capita income per industry is increasing,” Angara said. (ai/mtvn)

Leave a Reply