{"id":840,"date":"2024-10-28T02:44:37","date_gmt":"2024-10-28T02:44:37","guid":{"rendered":"https:\/\/arangkadaphilippines.com\/forum2024\/?p=840"},"modified":"2024-10-31T03:25:58","modified_gmt":"2024-10-31T03:25:58","slug":"opinion-harnessing-the-power-of-human-capital-building-a-prosperous-ph-future","status":"publish","type":"post","link":"https:\/\/arangkadaphilippines.com\/forum2024\/2024\/10\/28\/opinion-harnessing-the-power-of-human-capital-building-a-prosperous-ph-future\/","title":{"rendered":"[OPINION] Harnessing the power of human capital: Building a prosperous PH future"},"content":{"rendered":"

By: Alfredo E. Pascual<\/strong> – @inquirerdotnet
\nPhilippine Daily Inquirer \/ 02:01 AM October 28, 2024<\/em><\/p>\n

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Editor\u2019s note:<\/strong> This was lifted from the acceptance speech delivered by the author as the 2024 Arangkada Lifetime Achievement Awardee of the Joint Foreign Chambers of the Philippines (JFCs) at the Arangkada Forum on Oct. 24.<\/em><\/p>\n

With profound gratitude and humility, I stand before you today, honored as the 12th Arangkada Philippines Lifetime Achievement Award recipient. I sincerely thank the JFCs of the Philippines for this recognition. It is an honor that reflects not just my personal efforts, but the collective work of many who share the vision of a prosperous, resilient and inclusive Philippines.<\/p>\n

While this lifetime achievement award suggests that it covers my whole lifetime already, I assure you that it will not bring to a close my public service journey, which now runs almost five decades. Indeed, you can still count on my ongoing commitment to making a difference in serving our country, now more as a private citizen.<\/p>\n

Throughout my journey, from my early years as a finance professor at the Asian Institute of Management, then 19 years at the Asian Development Bank fostering private sector development and public-private partnerships, to leading the University of the Philippines as its president and most recently serving as secretary of the Department of Trade and Industry (DTI), one remains constant in my mind and my heart: the belief that the true engine of our nation\u2019s economic growth is its people. The Filipino workforce is our greatest asset\u2014young, dynamic, resilient and brimming with potential, recognized by global companies already operating here in our country.<\/p>\n

But to fully unlock our people\u2019s potential, we must confront and bridge the gaps in our system. Investing in Filipino workers is not just an option but a national imperative. I am encouraged as our government under the current administration shares this vision, and during my time at the DTI, I also made upskilling, reskilling and upscaling of our workforce a priority agenda. I commend the JFCs for championing the same cause, as reflected in the theme of its forum, Level Up: Upskill, Upscale and Uplift.<\/p>\n

At the core of this effort is education. For a country to progress, education must be a priority, as the once developing countries like ours have proven. I welcome the enactment of the Academic Recovery and Accessible Learning (Aral) Act. This initiative addresses the learning gaps that emerged, especially during the pandemic, ensuring students receive the necessary support in literacy and numeracy.<\/p>\n

The Aral Act is a very good first step. Still, the findings of the Second Congressional Commission on Education underscore the significant challenges in our education system\u2014overburdened teachers, overcrowded classrooms and a lack of resources. Tackling these issues requires a coordinated approach from government, educational institutions and the private sector. The goal is simple: no student should be left behind. Providing our youth with essential skills is a critical task for our future.<\/p>\n

For instance, we need to enhance teacher training, update curricula to meet current needs and ensure that schools have the resources to prepare students for the future. A key challenge is raising selectivity and standards for teachers, aiming to attract top graduates, particularly at the elementary and secondary levels.<\/p>\n

Countries like Singapore, South Korea and Japan have demonstrated that attracting top graduates into the teaching profession leads to stronger educational outcomes. These countries have made teaching prestigious and competitive as a profession, which encourages the best and brightest students to pursue careers in education.<\/p>\n

Long-term nature of human capital development<\/strong>
\nHuman capital development \u2014spanning education, training, health and skill-building\u2014demands long-term investment before its full benefits emerge. While the Philippines has made efforts in this arena, we fall short compared to the ambitious programs of our Association of Southeast Asian neighbors. One critical gap is our limited commitment to sending top college graduates abroad for advanced studies at master\u2019s and doctoral levels, while other countries, like Indonesia and Vietnam, have been doing so in massive numbers for years back to accelerate their progress.<\/p>\n

From primary education to higher education and professional training, it takes years, if not decades, to fully train a highly skilled workforce. For example, sending students abroad for master\u2019s and doctoral studies can take five to 10 years before they return and contribute significantly to national development.<\/p>\n

Upskilling a workforce through vocational or technical training programs or reforming education systems can take time to implement and produce results. Countries like South Korea and Singapore have seen the benefits of such policies only after decades of continuous investment.<\/p>\n

Investments in public health, nutrition and social services improve workforce productivity. Still, these effects manifest gradually as the population becomes healthier because they are better nourished and more capable over time.<\/p>\n

Prosperous neighboring countries with strong human capital (HC) adopted long-term, visionary strategies that transcend political cycles:<\/p>\n