THE Philippines should embrace the shift to an innovation-driven economy instead of relying solely on labor or resource-based growth amid the growing young population, the Department of Economy, Planning, and Development (DEPDev) noted.
On Thursday, DEPDev Secretary Arsenio M. Balisacan highlighted this as the National Innovation Council (NIC) recognized the five Presidential Filipinnovation Awardees of the Year.
‘We recognize that we can no longer rely solely on labor or resource-based growth. We must embrace the shift to an innovation-driven economy,’ the country’s socioeconomic planning chief said during the 2025 Presidential Filipinnovation Awards on Thursday in Quezon city.
The need to transition to an innovation-driven economy stems from both ‘opportunity and urgency,’ with Balisacan further saying that the country is ‘poised to benefit from a demographic dividend-a young, digital-savvy population ready to create new markets and industries.’
This is also aligned with the need to face ‘rising global competition, climate and natural risks, and rapid technological disruption,’ added Balisacan.
‘These demand not only adaptation-but leadership,’ the country’s chief economist also pointed out.
The five innovators named Presidential Filipinnovation Awardees of the Year for their innovations in Food and Agribusiness, Learning and Education, and Health and Well-being were: PIli Seal, Pili AdheSeal, Inc., Luzon; Palatak Palay Seeder, Farmwell Agricultural Machinery Manufacturing, Luzon; RezBin, Rezbin Waste Technology,Inc., Visayas; Bambujett, Hamilton Agri Supply, Mindanao; and Ediphi, Ediphi Training Programs,Inc., NCR.
DEPDev said each awardee received a Presidential Medallion, Plaque, and Trophy, along with a cash grant and post-competition support package amounting to a combined value of P3.5 million.
On the sidelines of the 2025 Filipinnovation Awards, Baliscan explained to reporters how innovation can uplift the economy.
He said innovation is ‘usually’ a source of sustained productivity growth.
‘This will result in better products, better services, better processes, which in business terms will amount to reduced cost, lower price of goods and services, and or course things that improve consumer welfare and society’s welfare in general,’ the country’s socioeconomic planning chief said.
He said innovation may contribute to disaster resilience initiatives, healthcare, and education, among others.
On climate change, he said, ‘As you see, our farmers are so exposed to risks from climate change. The disasters, typhoons, that we have had in recent months, in recent years, those were very costly to the economy, to communities and individuals.’
‘What these innovations hopefully will do is to make our communities, our towns more resilient so that people don’t have to suffer much, don’t have to lose much whenever we are hit by calamities,’ said Balisacan.
On health, he said innovators can come up with something that will reduce the cost of acquiring information about sourcing medicine or even developing new medicines.
On education, he said, ‘Our budding innovators can produce apps or products that will make education even more accessible to our citizens, particularly in remote areas, in rural areas.’
‘This will make a lot of difference for our society, both economically and socially,’ the country’s chief economist underscored.