November 24, 2020
Written by John Carlo Tria
As we all tread the recovery path, we are on the look-out for opportunities within which trade can take place. Local efforts to expand online trade and boost domestic logistics, and new international trading agreements such as the Regional Comprehensive Economic Partnership (RCEP) present opportunities for many products and services offered by local businesses to expand business. All present ways forward for the recovery effort in the new normal.
The RCEP accounts for almost a third of global GDP and trade and population, making it a formidable bloc. For local companies, the capability to communicate online and through international online trading portals will be vital to take advantage of this trading opportunity.
This presents an opportunity for local Information Technology companies to serve the digitalization needs of thousands of businesses that want to take advantage.
In this light, interesting information that I believe should be shared and read as well is the definition of the new economy by the National Council for Financial Stability, which is composed of our economic agencies. This will need to be read by many businesses as they navigate and enter the new normal, which includes foreign trade opportunities. The link is here:(https://www.dof.gov.ph/national-council-for-financial-stability-defines-the-new-economy/)
Better, and greener infrastructure
Apart from employing thousands, the completion of many Build Build Build projects will do well to jump start economic activities in the new economy. Faster mobility between cities and within them, better ports and airports makes us more competitive as we enter this larger sphere, which includes the RCEP and other free trade agreements.
Key here for Mindanao is improved logistics to the Visayas and Luzon especially for agricultural products, In a webinar under the online Davao Agri Trade Expo, European Chamber of Commerce head for Mindanao Tony Peralta continues to make the case for this, which I strongly believe will need to be pursued in order to make many communities resilient, especially for food.
Infrastructure and logistics improvements boosts linkages of local products. The Department of Agriculture’s Kadiwa express program brings products from farms to buyers.
That said, a big part of the new economy is the green economy, which encourages many businesses to adopt greener business models that incorporate renewable energy systems, water consumption and wastewater management technologies, clean indoor air systems and ventilation to save on energy and boost efficiency and competitiveness.
A good start on your way to the green economy would be to attend online training courses offered by accredited providers under the DENR’s Environmental Management Bureau to give you an orientation on the kind of environmental laws that cover your company’s operations, such as the 8-hour environmental training for managing heads. On that note, I would like to congratulate last week’s batch of Pollution Control Officers Trainees and newly trained managing heads. I am sure the information gained will go a long way to better understand not only the laws we need to follow, but also, the online procedures meant to easily comply with them.
Cover image by Mel Casipit on Pexels.
Article first appeared in the Manila Bulletin website last November 23, 2020.