Little is known about a landmark piece of legislation that could potentially unleash the tremendous potential of Philippine-made products and local industries.
Earlier this year, President Marcos signed into law the Tatak Pinoy (Proudly Filipino) Act, which aims to encourage, support and promote the production and offering of Philippine products and services of increasing diversity, sophistication and quality by domestic enterprises that are globally competitive.
The new law provides that the State has adopted a policy of not only promoting and safeguarding the quality of Philippine products and services in both the domestic and global markets as a means of encouraging economic growth and consumer and business confidence in Philippine industries, but also of giving preference and priority to the procurement of local products and services by government agencies and instrumentalities.
By "sophisticated products and services," it refers to those that require a high level of technology, human capital, competencies or know-how, and infrastructure to be produced or offered.
Republic Act 11981 created the Tatak Pinoy Council, chaired by the Secretary of Trade and Industry, with the NEDA Director General and the heads of the Departments of Finance, Agriculture, Budget and Management, Information and Communications Technology, the Interior and Local Government, Labor and Employment, Science and Technology, and four private sector representatives as members.
The Council will serve as the policy and advisory body of the President and will be tasked with formulating policies and programs to diversify the productive capacities of domestic enterprises and increase the country's economic complexity.
This story is from the December 07, 2024 edition of The Philippine Star.
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This story is from the December 07, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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