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Cabsec highlights private sector efforts to reduce poverty
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. (File Photo: PTV/Facebook)
MANILA — Though the government is primarily responsible for anti-poverty efforts, the private sector has shown that it can significantly contribute to reduce poverty by providing employment, as well as other economic opportunities, Cabinet Secretary Karlo Nograles said Tuesday.
Addressing representatives of the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) during the 3rd Cebu Semiconductor and Electronics Convention and Exhibition in Cebu City, Nograles 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 in a news release.
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.
Members of SEIPI, he said, “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,” he added.
In 2018, the semiconductor and electronics industry accounted for USD37.6 billion or 56 percent 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.
The SEIPI projects annual investment in the sector to rise to USD1.5 billion by 2020; to USD3 billion by 2025; and to USD5 billion by 2030. By 2020, the industry is also expected to directly and indirectly produce 5.5 million jobs.
