We should be happy that business media and industry associations are spending a lot of time and resources to alert the public about the consequences of what is now popularly known as Industry 4.0 or the Fourth Industrial Revolution (FIRe). The most recent important event was the Business World’s Industry 4.0 Summit held last September 9, 2019.
Fortunately, Secretary Gregorio Honasan II of the Department of Information and Communication appealed for more moderation and realism in talking about the so-called revolutionary changes in our economy that Industry 4.0 will introduce. He recognized that “the world has changed and will continue to do so in a fast-paced manner.”
Whoa! Before we get carried away, let us listen once again to Secretary Honasan’s words of caution: “Our fellow Filipinos in many areas still cannot tap into the wonders of ICT due to the lack of resources and connectivity, thus slowing down our transformation and leapfrogging to a digital society.” It is Industry 3.0 that will absorb our manpower most as the emerging markets of the ASEAN Economic Community (AEC) transition from low to middle income status during which the demand for household appliances and similar electronic products grows exponentially. I am impressed with how one of the largest producers of home appliances in the world, Samsung, manufactures most of its parts in Vietnam that is a great deal more open to foreign direct investments than the Philippines. For all practical purposes, Samsung can own land in Vietnam while we are still so finicky about foreign ownership of land in the Philippines.
News Courtesy: https://business.mb.com.ph/