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While our challenges are formidable, we have one important resource at our disposal: our rich cultural and social value system. , or deep relational concern for others, is a core Filipino value that can be reflected in business practices. Businesses can contribute by adopting a humanistic management approach, as advocated by the Management Association of the Philippines through its Covenant for Shared Prosperity. The Covenant calls on businesses to take care of employees by recruiting fairly and inclusively, providing just compensation, merit-based promotions, training and development opportunities, and ensuring work-life balance.
All the above, however, will not produce the growth trajectory that our country badly needs. Fortunately, the Fourth Industrial Revolution is upon us and artificial intelligence has been developing quickly in ways that can help us achieve our national development goals, if we harness it properly. AI has the potential to revolutionize the Philippine economy by enhancing productivity and creating new markets.
We have seen how technologies have led to market-creating innovations which have created value-creating work opportunities for so many of our people who were previously marginalized in the economy. Ride-hailing apps, mobile payment systems, delivery services, online markets, online microfinance, online micro insurance, are just a few.