The American Chamber of Commerce of the Philippines applauds the Arroyo administration for declaring poverty alleviation as one of the cornerstones of its economic development agenda. The Philippines has vast agricultural resources that need the most appropriate policy framework in which to develop and achieve their potential. Agriculture accounts for 20-25 percent of GDP and provides livelihood for up to half the Filipino people. In this setting, it is no surprise that Philippine agricultural growth has lagged that of its neighbors.
Biotechnology can play a key role in closing the gap.
As a member of WTO, embracing continued trade liberalization also requires the Philippines to enhance the Filipino producer's ability to compete and succeed in an increasingly competitive global marketplace. The pace of change in the global economy is nothing less than radical and is being transformed by both digital and biological technologies. Though developing economies are less prepared to adapt these new technologies, they promise enormous gains for the economy in productivity and environmental sustainability. The Philippines should increase the sense of urgency in defining policies that encourage the transfer and local adaptation of these important technologies. In the Southeast Asian region, Thailand and Indonesia are expected to begin commercial production of biotechnology crops by 2002.