The Philippines has set up the first innovation hub outside the country at the Singapore Management University.
NEDA secretary Arsenio Balisacan said the innovation hub will serve as a platform for industry leaders and government officials from both the Philippines and Singapore to share and exchange insights on developing intelligent, sustainable, and innovative cities.
Speaking at the Fourth Philippines-Singapore Business and Investment Summit (PSBIS) on Thursday, Sept. 19, Balisacan emphasized the importance of science, technology, and innovation in addressing the Philippines’ numerous development challenges and risks.
He also stressed the critical role of infrastructure in the Philippines’ National Innovation Agenda and Strategy Document (NIASD) for 2023-2032 as outlined by the National Innovation Council composed of members from the private and public sectors to build a vibrant innovation system.
The event, organized by the Department of Trade and Industry and the Philippine Embassy in Singapore and co-presented by BDO Unibank and Private Banking in Singapore, the Philippine government’s strategies for sustainable growth and a greener future hinge on robust investments in infrastructure and innovation to enhance the country’s resilience against climate shocks.
During the “Green Blueprint: Economic Outlook, Priority Expenditures, and Strategic Investment Priorities” session, Balisacan highlighted the Philippine Development Plan (PDP) 2023-2028 and outlined the government’s priority strategies for fostering climate-resilient and adaptive ecosystems and communities, with a strong focus on building essential infrastructure.
“The Philippines is one of the most vulnerable to the impact of climate change and compounding disasters, ranking first among 193 countries based on the 2023 World Risk Report. We acknowledge that significant investments in sustainable and resilient infrastructure are necessary to enhance our economy’s resilience to shocks, further protect our environment, and even kick-start the creation of high-quality jobs,” said Balisacan.
Balisacan said there are currently 164 Public-Private-Partnership projects underway, valued at approximately P3.2 trillion ($56 billion). These projects include physical and digital connectivity, healthcare, water and sanitation, solid waste management, and energy.
“Our communities and ecosystems must be resilient to environmental hazards and adaptable to a fast-changing climate. The government will work with the private sector as we transition to a low-carbon economy that is efficient and appropriate to our people’s and economy’s development needs,” he added.
