The world is changing faster than ever before and on a broader scale. The global community is increasingly becoming more intricately connected. The globalization process is characterized by the worldwide shift in favor of market forces and private enterprise; and the integration of the global economy, particularly in terms of mobility of capital and the removal of trade barriers, which have stimulated the flow of goods and services.

It is evident in the speed of technological change, particularly electronics, communications and transport. There is also a continuous transformation of production systems and labor markets – shifting in favor of higher levels of technology and skill.

All these have complex ramifications, benefiting some and imposing hardships on others. In case of the Philippines, the liability to respond the dynamic challenges posed by these developments could mean the long-term uplift of the people’s welfare, or the continuation of the laggard economic development experienced in the last decade.

Given comparative advantages between and among nations, we always have to be alert and prepared to take advantage of opportunities offered by the global market. We now face the reality that the wave of the future for the country’s prosperity lies in its economic resiliency and competitiveness. The adaptability and productivity of our industries and workers are now of prime importance.