News Report Critique:

Read the presented three news articles. Write 50-word summaries of each op-ed, identifying what the
underlying definitions of globalization

News Article No.1 [PH Globalization, Industrialization and Tech — DTI Sec. Pascual
07/13/23]

Department of Trade and Industry Secretary Alfredo Pascual said Philippine business needs to globalize
and industrialize to accelerate growth.

“Competition does not happen in a limited space, it has to be global,” Sec. Pascual said in the sixth and
last session in MBC’s F2F With Cab Secs series. “I think we have a chance of industrializing through
technology-based industries” instead of other fields where neighbors have a bigger head start.

Sec. Pascual said this growing interest from foreign investors is partially due to economic reforms
passed during the first year of the Marcos administration and towards the end of the Duterte
administration.

He said the reforms provided “ an initial foundation for building on what we want. In my case, what I
want is to pursue industrialization for the country.”

Sec. Pascual has been diligently promoting the Philippines as an investment destination, he noted that
he’s done 14 trips so far promoting the country.

Sec. Pascual also noted that after the recent ratification of Regional Comprehensive Economic
Partnership (RCEP) the Philippines is preparing to join the rules-based, Indo-Pacific Economic
Framework led by the United States:

“Joining IPEF, which is not about market access but all about rules of conduct. And we are prepared to
submit to such rules of conduct in the four pillars of IPEF. (trade, supply chain, clean economy, fair
economy).”

Aside from MBC members and other guests, also attending was Joel Consing, Undersecretary at the
Office of the Presidential Adviser on Investment and Economic Affairs.

The series was sponsored by Acciona, SM Investments, Steel Asia – to deepen public-private dialogue
and collaboration. This session was also sponsored by Wilcon Depot.

News Article No.2 [Bridging the skills gap: Fuelling careers and the economy in the
Philippines 09/27/23]

Economist Impact, supported by Google, conducted a survey of 1,375 employees across Asia-Pacific
(APAC), including 100 employees from the Philippines, between November 2022 and January 2023. It
also interviewed employers and industry experts across the region to understand their perspectives on
skills gaps, as well as reskilling and upskilling aspirations.

The survey respondents were drawn from across 14 markets in the region, out of which 11.8% were
Gen Z (born in 1997-2012), 63.2% were Millennials (1981-96) and 25% were Gen X (1965-80). They
all worked in a diverse mix of industries.

The research shows that across the region, common understanding is lacking between employers and
employees about future skills and the best way to develop them. In some instances, there is also an
expectation mismatch between what employers want and what employees see as being important.

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Understanding these gaps will be instrumental in creating a workforce that is prepared for the economy
of the future.

This article—one in a series of 12 market reports—examines these issues in the Philippines. This series
complements a research paper that looks at the reskilling and upskilling imperative across APAC.

A strong post-covid economic recovery sets context for the labour market in the Philippines. The
country’s economy is expected to grow by 6% in 2023—and by 6.2% in 2024—on the back of rising
domestic demand and a post-covid rebound in the services sectors.

The country’s tech sector is projected to grow rapidly with the estimated value of the digital economy
reaching US$150bn in the next decade while the internet economy is expected to more than double
between 2020 and 2025. This massive growth will require the right capabilities and diverse skill sets in
the labour market. According to the IT-BPM Association of the Philippines, by 2028 the tech industry is
expected to generate 1.1m new jobs in the country, of which 150,000 are developer roles that would
need to be filled in the next six years.

Despite this momentum, many in the Philippines lack even basic skills to contribute effectively. Almost
90% of the country’s population lacks basic ICT skills such as word-processing, internet and email
skills. The government is taking action to address these gaps. Most recently, the newly established
Inter-Agency Council for Development and Competitiveness of Philippine Digital Workforce announced
plans to undertake a skills mapping exercise to identify gaps in the area of digital and ICT capabilities
such as engineering, cloud computing, artificial intelligence, web development and management, and
e-commerce marketing etc.

News Article No.3 [World Economic Forum projection: Debt, inflation biggest threats to
Philippines 01/19/2023]

MANILA, Philippines — In the next two years, natural disasters and extreme weather events will be the
top risks for the Philippines, which is considered as the “most disaster-prone” country in the world.

This was revealed in the Global Risks Report 2023, which was released by the World Economic Forum
(WEF) last week, Jan. 11. The report presented “some of the most severe risks we may face over the
next decade.”

According to WEF, business leaders in the Philippines, who were part of more than 12,000 respondents
for its Executive Opinion Survey (EOS), identified five risks for the country in the next two years—
natural disasters and extreme weather events were considered the greatest.

The second biggest risk is a debt crisis, as reflected in the results of the EOS, which was conducted
between April and September last year. The rest of the risks are rapid or sustained inflation,
misinformation, and geopolitical disputes over resources.

As explained by WEF, the EOS asked thousands of respondents across 121 economies to select the top

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five risks from a list of 35, including prolonged economic stagnation, which was considered the greatest
risk for the Philippines last year.

Looking back, the Global Risks Report 2022 stated that the top five risks for the country last year were
prolonged economic stagnation, digital inequality, extreme weather events, employment and livelihood
crisis, and failure of public infrastructure.

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