Businesses urged to spend big on innovation, digitalization

Finance Secretary Carlos Dominguez underscored the need for Philippine businesses to invest heavily in digitalization and innovation to stay competitive as the world transitions to a new post-pandemic global economy driven by disruptive changes in technology.

Dominguez said the country must also evolve and take advantage of these fast-changing technological innovations so it can better respond and adapt to the demands of the new global economy.

He noted, “Technological innovations will build new industries and create employment and investment opportunities. These will allow us to bounce back stronger from the pandemic and help ensure the long-term recovery of our economy.”

He said the DOST’s Advanced Manufacturing Center in Bicutan which aims to be the technological hub and research center for additive manufacturing, will help transition the country’s manufacturing sector to the Fourth Industrial Revolution.

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