Business

Gov’ts should ‘future-proof’ economies to avoid tech shocks, Dominguez says

It’s time to embrace and not shy away from technology.

It’s time to embrace and not shy away from technology.

Finance Secretary Carlos Dominguez III encouraged member-economies of the Asian Development Bank (ADB) to work on studying how emerging technology can help build better communities, rather than wait it out and feel its impact adversely.

Dominguez coined the move as “future-proofing,” where state leaders harness the positives about new tools and systems for overall progress.

“Rapid, disruptive change can likewise greatly enhance access to financial systems but also open doors to digital monies like virtual currencies that no government is prepared to regulate, demand skills that schools are not prepared to provide, and produce virtual constituencies our political orders are not conceived to include,” Dominguez said during his speech at the ADB closing reception on Saturday, May 5.

?There is a need to ?future-proof? our economies so that technological change makes them strong rather than undermines them. Smart technologies bring great promise but also some amount of peril.? Dominguez added.

The Cabinet official addressed delegates of the ADB meeting with no less than President Rodrigo Duterte in the audience.

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