The ongoing pandemic has greatly affected the economic development of the country. Last year, from what once among the most resilient economic performers that was able to withstand several market crises in Asia and the United States – has experienced a Gross Domestic Product (GDP) contraction of - 9.5% according to the figures released by the Philippine Statistics Authority (PSA). This is the worst contraction rate since the aftermath of the Second World War in 1947.
So how can we not only emerge from our economic recovery, but thrive through a technology enabled recovery, to build a better future. A better future that is more inclusive and sustainable.
Technology, Sustainability, and Recovery
So far 2021 has been a pivotal year, where the country must regain its economic productivity and vigorous growth in order to meet its development plans for the year 2030. As the world is bouncing back stronger and smarter against the pandemic by implementing more sustainable means and robust models to apply the lessons learned from the COVID-19 pandemic, the United Nations Conference on Trade and Development (UNCTAD) has issued several ongoing publications about the benefits of investing as early as now with Frontier Technology and how it will reshape businesses, economics, countries and societies moving forward. By utilizing new technology and its fresh concepts to reinforce the gaping vulnerabilities left in the wake of the pandemic, we can build a more resilient, more efficient and a more sustainable economic development.
The United Nations Sustainable Development Goals (UNSGD) identifies several key factors for the Philippines with its 2030 Study of Economic Prosperity and Inclusivity Challenges outlined for several Southeast Asian nations. The Philippines’ main challenges are:
• Inequality and Poverty
• Pollution and Economic Development Footprint on the Environment
• Sustainable Agriculture and Food Abundance for a Growing Population
• Modernization of the Skilled Labour and Workforce
The UNCTAD highlights the immense economic benefits for private, markets and countries with frontier technology: As a group, frontier technologies components already represent a $350-billion market, which by 2025 could grow to over $3.2 trillion. Highlighting innovation and adaptability, it sheds light on efficiency by building over a new mode of productive and efficient governance and enterprise transformation by businesses. This leads us to the second attainable benefits of frontier technologies: to do good via corporate citizenship by private technological providers – lending their expertise on framework and solutions delivery to solve problems found in their local and international bases of operations.
Corporate Citizenship and Frontier Technology
In a growing sense of action and uplifting society’s challenges, more and more enterprises and technology providers are introducing economic and life-changing solutions via strategic partnership with a strong emphasis on grassroots development where the shift of the beneficiary model is now being transformed into stakeholders where participants are no longer just recipient that will rely on a solution over time – now they are strategic partners where they will be developed to steward their own innovation moving forward. Such models of grassroots and tech partnership includes:
• Injecting Technology into Key Economic Pillars to Fast Track their Development
• Granting Irrevocable and Verifiable Identities to Underserved Communities and Population
• Sustainable Business Solutions Ported or Retrofitted to Local Communities
• Innovation Incubators and Startup Tech Hubs
The silver lining of the pandemic is the small pause that allowed leaders, innovators and governments to rethink and reimagine how businesses, economics and social responsibility be made more resilient and inclusive – citing that the most affected from the pandemic are the ones who were struggling with their livelihoods and have no access to government basic services. In the Philippines, a sustainable and more inclusive future is in the horizon, starting with the Philippine National ID program aka PHILSYS where legal identity and inclusive economics are championed. The next challenge is to make the national healthcare system more efficient, more robust and expand its capabilities to service every Filipino.
The recent UNCTAD publication on frontier technologies country performers highlights that Philippines as a “out-performer” when it comes to these nascent and rapidly advancing technologies. It is a good sign where seeds of technological change are planted, but will still need nurturing from leaders and social responsibility of public and private organizations in building a more resilient and sustainable future with technology.
DynaQuest: Bringing Global Blockchain Transformation to the Philippines
DynaQuest, an award-winning Blockchain solutions provider, which has been globally recognized in the most prestigious Blockchain expo and forums is a Philippine based systems integration specialist specializes in the adoption and integration of frontier technologies into existing business and enterprise systems. For more information, visit: https://dqtsi.com/