CEBU CITY – President Gloria Macapagal-Arroyo today said the government is investing P3-billion in engineering research and development technology to boost the country's chances of attracting more "technology-based" investments.

In her speech keynoting the University of the Philippines (UP) Charter signing ceremonies here, the President said that more technology-based investments would propel economic growth.

"To boost our effort at global competitiveness, the Philippine government is investing P3 billion from budget and off-budget sources in engineering research and development technology, including the UP Science and Technology Complex, between 2007 and 2010," the President said.

"This is to promote engineering R&D activities in the country at a significant scale in order to modernize every aspect of the economic underpinnings of the Philippines, including agriculture, to propel economic growth," she added.

The President also pointed out that she wants the country to comply with the United Nations Educational, Scientific and Cultural Organization (UNESCO) "benchmark" that requires developing countries to have a ratio of 340 engineers per one million of its population to keep up with other developing nations.

"In our country we have only 48 (engineers) per million Filipinos," the President said, as she stressed that the only way to achieve the UNESCO benchmark at the shortest time possible is by strengthening engineering research and development technology.

She lauded UP’s efforts to produce more engineers by offering, together with several other universities, "scholarships for masters and doctoral degree programs in all fields of engineering."

"The consortium steps up the creation of a favorable environment for science and technology to flourish. We can do it; we have the knowledge to build the basic industries that engage in high-value added activities such as design, R&D, product conceptualization, product development, and innovation," the President said.

"Investors know our caliber; our manpower is world class. At the forefront are our engineers; they are indeed the engines for national growth as they help spawn high-tech companies. With engineering R&D, led by the University of the Philippines, we further hone their skills and create our own technology roadmaps that will bring science and technology right at the doorstep of the Filipino nation," she added. # # #