Facilitating structural transformation through product space analysis: the case of Philippine exports
2019
Bayudan-Dacuycuy, C. | Serafica, R.
While the Philippines has a long history of trade liberalization efforts and market-oriented reforms, the country has to yet to see a genuine structural transformation. Recently, there are efforts to transform the global competitiveness of the manufacturing industry backward and forward linkages to create decent jobs and promote sustainable and comprehensive growth. Given these, it is imperative for the country to chart its short-, medium-, and long-run diversification strategies. This research assess the sophistication content of the country's current export portfolio and identifies products that result in a more diversified and high-value added mix of export commodities. Using some metrics from the products space, the paper finds that the average sophistication content of products included in the country's export basket has barely improved from 1995 to 2014. It has remained lower than the average sophistication content exports in the world market. The paper also finds that some of the products in the country's existing export basket has potential forward linkages to goods with relatively higher sophisticated goods. However, transformation does not happen overnight and requires well-thought-policies, plans, and priorities. To this end, the paper advocates the implementation of measures outlined in the Philippine Export Development Plan. It also identifies other potential actions toward human capital development, innovations, and infrastructure programs.
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