Nograles highlights private sector contributions to poverty reduction
July 31, 2019 - Wednesday 1:07 PM by MDM
Though the government is primarily responsible for anti-poverty efforts in the country, the private sector has shown that it can contribute significantly to reduce poverty by providing employment as well as other economic opportunities.
Addressing representatives of the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) at the 3rd Cebu Semiconductor and Electronics Convention and Exhibition in Cebu City, Cabinet Secretary Karlo Nograles on Tuesday said that while the government has numerous poverty reduction programs, "the contributions of your industry to job generation demonstrate the potential of the private sector to provide economic opportunities that can have a positive impact on lowering poverty rates––one of the top priorities of the administration of President Rodrigo Roa Duterte."
"As we all know, decent jobs provide a steady source of income for and can empower the poor. With more of the former, the better we can achieve the latter," he said.
Nograles touted the immense impact of the Philippine semiconductor and electronics industry to the Philippine economy, citing the revenues of the industry and the employment it generates.
According to Nograles, the members of SEIPI "are genuine drivers of development and true partners for progress."
"As the largest contributor to the country’s manufacturing sector, you employ the most number of workers among the sub-classes of the manufacturing industry,"
In 2018, the semiconductor and electronics industry accounted for 37.6 USD billion or 56% of the country’s total exports. It also employs 3.2 million direct and indirect workers.
Indicators show that the industry will continue to grow in the next few years as demand for electronics increases worldwide.
SEIPI projects annual investment in the sector to rise to 1.5 USD billion by 2020; to three billion USD by 2025; and five billion USD by 2030. By 2020, the industry is also expected to directly and indirectly produce 5.5 million jobs.
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