The Anvil Business Club, an organization of young Filipino-Chinese entrepreneurs, held its 4th Anvil Exchange Forum at the Makati Diamond Hotel.
More than 120 Anvil members and guests attended the event, with investment banker Stephen CuUnjieng as the guest speaker.
CuUnjieng underscored the pressing need for the Philippines to prioritize industrialization as a key driver of economic growth.
He pointed to successful nations that have leveraged manufacturing and industrialization to fuel their developments.
“The ‘leave it to the private sector’ attitude, coupled with a lack of manufacturing and long-term planning, has resulted in a high vulnerability to imported inflation. This situation leaves countries like the Philippines disproportionately exposed to price fluctuations in imported goods, stemming from a heavy reliance on foreign markets.” he said.
CuUnjieng noted the crucial importance of adding value through refining and processing mineral resources for maximum economic gain, particularly in the context of exporting higher-value finished goods.
He said the Philippines’ limited manufacturing capacity made it particularly vulnerable to the economic impacts of the pandemic. With a smaller manufacturing sector compared to other nations, the country struggled more with the downturn.
He also underscored the need to develop the Philippines’ manufacturing sector to enhance resilience against future global crises, reduce import dependence, stimulate economic growth and create jobs.
He also discussed the structural issues affecting the Philippines’ economic performance, focusing on inadequate and costly infrastructure.
He cited the need for cost-effective infrastructure to drive national development.
CuUnjieng criticized the private sector’s profit-driven approach, stating that while profit is important, it shouldn’t be the sole focus of infrastructure projects.
“In reimagining infrastructure development in the Philippines, we must prioritize the long-term benefits to the economy and society over short-term gains,” he said.