Finance Secretary Carlos G. Dominguez III has called for the immediate re-skilling of the workforce in the IT-BPM sector and other labor-intensive manufacturing sectors, as the country is facing external and internal risks.
Dominguez made the statement following the recent Economic Development Cluster (EDC) meeting. He said economists remain optimistic about the country’s economic growth prospects, but that they also remain vigilant. The economic managers also want to incorporate digital trade in updating the country’s electronic commerce road map.
However, Dominguez stressed that economic managers are well-positioned to address the risks, which include the novel coronavirus. Domestic risks include the Taal volcano eruption, slow implementation of infrastructure projects, water supply disruption, and the continued presence of African swine fever.