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MANILA, Philippines (Update 11:42 a.m.) -- The country needs to diversify its exports and should not limit itself to semi-conductors and electronics manufacturing, Asian Development Bank (ADB) President Haruhiko Kuroda said on Wednesday morning.
He made these remarks during the opening of the Philippine Corporate and Investment Pavilion, which kicked off the 45th Annual Meeting of the ADB’s Board of Governors.
The Philippines also needs to have a vibrant manufacturing sector, Kuroda said, reiterating what the Manila-based multilateral lender has emphasized recently.
In a report released two weeks ago, the ADB said that stimulating the manufacturing sector would not only increase Filipinos’ labor productivity, it would also mean more inclusive growth.
"The Philippines has big potential to be the production base of the Asia-Pacific Region," Kuroda said.
Kuroda also noted "remarkable" growth in the Philippines' business process outsourcing industry, one of the country's core growth drivers which raked in about $11 billion in revenues last year.
To this end, a memorandum of understanding between the Philippines' finance department and the ADB, signed at the event's sidelines, will extend technical assistance worth $650,000 to the country’s IT-BPO sector. The three-year program will install "knowledge hubs" in select colleges and universities nationwide to support the industry’s continued growth.
The MOU underscored that the industry's growth "would require an educated workforce equipped with skills that meet the demands of high-growth industries."
Key highlights expected later on Wednesday include the discussion of the country's growth prospects where ADB Philippines Country Director Neeraj Jain and National Economic and Development Authority Director General Cayetano Paderanga will both deliver statements. Also scheduled later this afternoon is a discussion on the need for urban disaster management moderated by United Nations Representative for Disaster Reduction Margareta Wahlstrom.
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