Home News Creation of Philippine Space Agency Will Open Up $1.5-B Market

Creation of Philippine Space Agency Will Open Up $1.5-B Market

-

Having a space agency will contribute to the country’s growth to the tune of $1.5 billion, Department of Science and Technology-Philippine Council for Industry, Energy, and Emerging Technology Research and Development (DOST-PCIEERD) said during the Business Forum on Space Science and Technology held last January 29 in Taguig City.

DOST-PCIEERD Executive Director Enrico Paringit is optimistic that the establishment of the Philippine Space Agency (PHILSA) will create a captured market worth $1.5 billion in the next ten years in the aerospace and satellite manufacturing and launching sectors.

Photo Credit: Facebook Account of PHL-Microsat

It will also create over 2,200 new direct employment jobs and is projected to have a 0.57 percent GDP share in 2022.

Paringit also explained that setting up of the PHILSA will result in the creation of a combination of both an upstream and a downstream market.

The upstream market will provide the country with technology such as fabricated space components and parts which can be manufactured in the country. Local companies can build space-grade components that should pass specific requirements, such as vibration tests and thermal test. These tests are needed to ensure that the technologies PHILSA will put up in space can withstand the harsh space environment.

More jobs for the Filipinos

In turn, these requirements can create a new industry that will provide new jobs for the Filipinos.

On the other hand, Paringit sees a change in the Filipino talent landscapes and opportunities. The official explained that there will more data engineers and data scientist that will be working on the large datasets that will be produced by the data satellites.

solar panel

Photo Credit: DOST-PCIEERD

Some industries have already expressed support to the establishment of PHILSA and have made their commitments in terms of the services they could offer.

Semiconductor and Electronics Industries of the Philippines, Inc. President Dan Lachica said that they are in support of the inclusive employment and sustainable growth that the establishment of PHILSA will bring to the country. He said that they will need to sit down with the DOST to see where we are today, what needs to be done, and to define the specific milestones needed to be accomplished.

Featured Product

Latest News

YOU MUST READ THIS