WHO SHOULD BE IN THE CABINET-LEVEL ECONOMIC TEAM?

WHO SHOULD BE IN THE CABINET-LEVEL ECONOMIC TEAM? In today’s fast-paced, innovation-driven global economy, the Philippines must rethink how it defines and organizes its core economic leadership. A glaring issue that needs to be addressed is the exclusion of the Secretary of the Department of Science and Technology (DOST) from the Cabinet-level economic team. Traditionally, the economic team has been composed of the Secretaries of the Department of Finance (DOF), the Department of Budget and Management (DBM), the Department of Economy, Planning, and Development (DEPDev), the Department of Trade and Industry (DTI) and the Bangko Sentral ng Pilipinas (BSP). While these agencies are essential, they are primarily focused on managing government revenues, spending, and debt. In essence, they are money managers — tax collectors, budget allocators, and loan negotiators. The question now is: Is that enough? These agencies typically concentrate on fiscal policy, monetary stability, and macroeconomic planning. While these are crucial pillars of governance, they are inherently reactive. They deal with what already exists — tax revenues collected, budgets proposed, and debts incurred. In some circles, the ability to borrow large sums of money is even framed as a measure of success, as though debt acquisition equates to economic growth. But real economic progress should not be measured by how much we can borrow, but by how much new value we can create. And that is precisely where the DOST should come in. Science, technology, and innovation are no longer auxiliary elements of economic policy — they are central to it. The modern economy thrives on value creation through innovation: new products, improved processes, disruptive technologies, and digital solutions. These innovations fuel productivity, improve efficiency, and create entirely new industries. In short, they generate real, tangible economic value. Countries like South Korea, Singapore, and even Vietnam have shown how investing in science and technology can transform a nation’s economic trajectory. Their growth is not just due to careful budgeting or clever borrowing, but because they invested heavily in research and development, incubated high-tech industries, and nurtured a culture of innovation. Their economic teams do not consist solely of accountants and financiers, but also of scientists, engineers, and tech entrepreneurs. In the Philippines, the DOST has been quietly doing impactful work — from promoting local R&D, supporting micro, small and medium enterprises (MSMEs) through innovation hubs, to pioneering efforts in renewable energy and digital technologies. However, its absence in high-level economic decision-making means that science and technology are often treated as side issues, rather than central pillars of national development. If we are serious about transforming the Philippine economy, the President must consider institutionalizing the inclusion of the DOST Secretary in the economic team. This move would not only signal a shift toward innovation-led growth but would also ensure that science-based insights inform fiscal priorities, industrial policy, and infrastructure investment. Creating new value means creating new products, services, and systems — and only science, technology, and innovation can deliver that. If we want a future-proof economy, our economic team must go beyond balancing books — it must help build the future. Ramon Ike V. Seneres, www.facebook.com/ike.seneres iseneres@yahoo.com, 09088877282, senseneres.blogspot.com 06-27-2025