De Castro plans to beef up dev’t programs for local industries

Administration vice presidential bet Noli de Castro plans to intensify the government’s development programs for key local industries to cope up with foreign competition brought by globalization.

De Castro said among the industries that will be given preference are agriculture and its related industries, information technology, telecommunications and services.

He said the government should help these core industries explore new markets for export and strengthen existing trade relations with other countries.

"If we really want to keep our economy running, then, we should help our industries thrive because it means more revenues and more jobs for our country," he said. "That is why I intend to press for this program if I would be given a fresh mandate."

De Castro, who authored 140 bills in the Senate, said he would work on providing incentives and support to domestic industries to help them raise their level of competitiveness.

He added that local industries should also be provided with adequate safety nets against foreign competitors to ensure that industries and jobs are preserved.

"We will make sure that these safety nets will be in consonance with our commitments to the General Agreement on Tariff and Trade and the World Trade Organization," De Castro stressed.

To strengthen the country’s regional alliances, he said that he plans to broaden the Philippine initiatives and participation in the ASEAN, APEC and AFTA.

De Castro also said that he would push for deeper diplomatic relations, beneficial trade within the region and the rest of the world aside from establishing broader economic, political; and cultural interaction among ASEAN member economies including Japan, South Korea, Taiwan and China.

Most Philippine industries have been suffering from the influx of imported products since the advent of globalization.

Although the Philippine government had set up its own safety nets, local industries have been clamoring for more safety measures to avoid the closures of many businesses.

De Castro said addressing this setback is one of his priorities once elected as vice president.