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Philippines : Embrace innovation to adjust to the new globalization.

The Philippines must be prepared to newness not only in globalization but also in everything.

This, Senator Aquilino Koko Pimentel III, chair of the Senate Committee on Foreign Relations and Committee on Trade, Commerce, and Entrepreneurship, underscored in his message during the fifth Annual Public Policy Conference (APPC) held in Pasay City recently.

Directing his remark to the countrys planners and policymakers, Pimentel said they must always be open to change as the increasingly integrated global economy is here to stay, hence, they must have not only the attitude but also the aptitude to anticipate the future and prepare for change.

The future he is referring to is the New Globalization, also known as Globalization 4.0, an era characterized by volatility, uncertainty, complexity, and ambiguity.

A paper published by the Philippine Institute for Development Studies (PIDS) titled Understanding the New Globalization: Implications for the Philippines, written by PIDS Research Fellows Roehlano Briones, Connie Dacuycuy, Michael Abrigo, and Francis Mark Quimba, explains that the new globalization has four key features, namely, economic trade restructuring, worsening global inequality, threats to international cooperation in providing global public goods, and weakening of social cohesion and trust.

One of the initiatives of the Philippine Senate to prepare the country for these challenges, said Pimentel, is the newly organized Committee on Sustainable Goals, Innovation, and Futures Thinking. Said committee, to be chaired by Senator Pia Cayetano, will help the Senate anticipate, keep up, and properly react to our fast-changing world, which is caused by the rapidly changing preferences and behaviors of people.

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Publication:Mena Report
Geographic Code:9PHIL
Date:Oct 15, 2019
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