Sen. Francis Escudero on Wednesday said the youth nowadays have no reason not to excel in their chosen field and be competitive in the global arena as they now experience the power of modern technology.

Speaking at Ignite: GCash Innovation Summit 2023, Escudero said young Filipinos have all the data or information they need in just a click of a keyboard in the internet era making them more competitive in the global arena and making the country a better place for all Filipinos.

“Instantly, when you use the internet, you acquire so much knowledge that we have never experienced during our time,” Escudero said during the event held at Globe Tower in Taguig City.

He said the present generation has absolutely no excuse not to do better than what other generations did.

Escudero explained how connectivity and communication were a struggle back in his younger days until the passage of Republic Act 7925 or the “Public Telecommunications Policy Act of the Philippines” in March 1995 that deregulated the telecommunications industry.

“Changes are happening overnight. Changes are happening fast paced and we have to keep abreast. With modern technology kaya ninyong makipagsabayan kahit kanino,” (You can compete with anybody) Escudero said.

He said in his generation, they rely all information on encyclopedias unlike this generation that can use the internet in searching for something.

Asked by an employee what the government can do to further move forward the digitalization services for Filipinos, Escudero said “The government must simply let the private sector be. Let the painters paint, let the innovators innovate and let the inventors invent.”

Escudero admitted that the government is “very slow when it comes to regulating new technology.”

“Hence, the Fintech companies such as GCash must be given the space to innovate, with lesser or no government intervention at all,” he said.

“The more the government opens up and allows the private sector to do certain things that they want to do and at an affordable cost, then the government should allow the private sector to precisely do that. The best thing we can do for IT, for innovation and modern technology would be to let it be and not try to interfere,” he added. (PNA)