Knowledge capital is the key to inclusive growth – UP study

The country can produce the high-level human resource it needs to catch up with its neighbors if the next government adopts the right set of policies, according to the study presented by University of the Philippines President Alfredo E. Pascual.

The study or the "think paper" entitled “Knowledge-Based Development and Governance” was  conducted by the Center for Integrative Development Studies in coordination with the Office of the President and the Office of the Vice President for Academic Affairs.

The paper was presented by the state university to all presidential candidates.

The second leg of the presidential debate organized by the Commission on Elections (Comelec) in cooperation with media partners TV 5 and Philippine Star, which will be held in UP Cebu on March 20, Sunday.

In a statement posted on the UP website and UP Cebu Facebook page, Pascual said the study can form the basis for a comprehensive review of Philippine educational and human resource development policy, particularly in research and development.

"We still spend only 3 percent of GDP (Gross Domestic Product) on education, compared to an average of 5-6 percent in the rest of ASEAN (Association of Southeast Asian Nations)," according to the result of the study.

"This is why even our best universities lag behind their global and regional counterparts. In 2014, the University of the Philippines ranked only 8th out of the top 10 universities in ASEAN. In 2012, the Philippines ranked 92nd in the global Knowledge Economy Index, far behind Singapore, which placed 23rd," researchers noted.

The educational institution noted that expenditure on research and development (research and development) by government and industry is low.

"So our level of technology remains low in quality and scale, and concentrated in sectors that are not considered high-value. To catch up and move ahead faster, we need to raise our technological knowledge and skills, which only advanced education and training can address.”

To strengthen Philippine research and development, the study noted that the government has to send more Filipinos abroad for advanced studies and encourage more foreign-based professionals to return.

Another suggestion is that international experts and educators should be hired to help bring their local counterparts up to global standards and to introduce new ideas.

The government will also need to map out a network of “hub-and-spokes” that will involve schools, government bodies, businesses, and civil society organizations throughout the country, tapping local expertise.

"We need to ensure that enough of our best minds stay in the country to drive innovation and help develop the rest of our labor force. It is also not enough to be satisfied with the country’s current success in mainly voice-based business process outsourcing. To really get ahead and add more value to the economy, we need to develop more software engineers and other technology experts," Pascual said.

“We hope that all our presidential candidates will read this paper and respond to its findings and recommendations in their platforms. We will welcome their ideas, and are inviting them to share those ideas with the University community and our people at large,” he added.  — BAP, GMA News