The Department of Science and Technology (DOST) on Friday expressed confidence that the Philippine economy will be able to recover despite the challenges brought about by the COVID-19 pandemic.

“I am confident that our business sector can bounce back even in these extraordinary times,” said DOST Secretary Fortunato de la Peña during the National Task Force Against COVID-19 Sub-Task Group on Economic Recovery virtual presser. “Because, I believe, we already have the means through science, technology and innovation, and the true Filipino spirit that goes with it,” he added.     
 
To drive the economic recovery of the country, the Task Force presented several government initiatives by different agencies to play economic catch-up as the country suffered an all-time low economic growth rate brought about by the continuing economic strangle caused by the COVID-19 pandemic.
 
On the part of DOST, it presented an array of programs that aim to assist various sectors from the growth of local businesses and start-ups to support for industries, OFWs, and communities using science, technology, and innovation dubbed as “Revitalizing Businesses, Investments, Livelihoods, and Domestic Demand” or “ReBUILD PH!.”
 
De la Peña noted that the economy has to catch-up even amidst a global economic standstill. “We need to start catching-up, and catch-up fast so we are not to be left behind as our economy mostly consists of small to medium enterprises,” he explained.
 
Other DOST initiatives presented by de la Peña included the “SETUP” or Small Enterprise Technology Upgrading Program. STEP is one of the flagship programs of DOST that provides financial and technical assistance to Micro, Small, and Medium Enterprises (MSMEs) through a package ranging from technology upgrading, training, consultancies, product improvement, and product testing, to marketing, among others.
 
To promote industry and academe partnerships for research and development (R&D), the DOST also created the Collaborative R&D to Leverage Philippines Economy or CRADLE Program. This program aims to strengthen the industry-academe collaboration in conducting R&D activities together with state universities and colleges (SUCs) in the regions to aid in increasing industry competitiveness.
 
The Community Empowerment through Science and Technology or CEST program, meanwhile, aims to strengthen communities through the 5-entry points: health and nutrition, water and sanitation, livelihood and enterprise development, education and literacy, and disaster risk reduction and management.
 
The DOST also provides support to start-ups through the Technology Business Incubation (TBI) Program which aims to promote innovation and entrepreneurship to the country's start-up sector.
 
Aside from this, DOST said that returning OFWs and their families can also get support through the iFWD PH program that seeks to provide assistance and opportunities to establish technology-based enterprises in the country through training, technical consultancy, mentorship, and innovation fund assistance. With this program, the country’s OFWs need not go abroad anymore to provide for the future of their families.
 
DOST also implements various support programs for different industries to enhance the industry competitiveness in the country.
 
Aside from DOST, the virtual presser also presented the economic recovery initiatives of the other agencies such as Department of Trade and Industry (DTI), Department of Public Works and Highways (DPWH), Department of Tourism (DoT), and Department of Agriculture (DA).