Philippine manufacturing sector outpaces global growth

Categories: Business Updates

Date Posted: 30 Jul 2014

Citing data from the United Nations Industrial Development Organization, Federation of Philippine Industries (FPI) director Roberto Batungbacal said the Philippine manufacturing sector, based on manufacturing value added in the years 2010 to 2013, grew faster than the average growth rate of the Association of Southeast Asian Nations (ASEAN) manufacturing sector as well as the global average.

The data showed that the local manufacturing sector expanded by 5.77 percent during the 2010 to 2013 period, much faster than the 4.97 percent growth average posted by the ASEAN and the global average increase of 2.17 percent in the same period.

Aside from the Philippines, other countries in the region which outpaced the average growth posted by ASEAN, and the world were Indonesia (5.88 percent) and Malaysia (5.10 percent).

Other countries which expanded at faster rates than the global growth average, but slower than the ASEAN average were Vietnam (4.83 percent), Thailand (3.63 percent) and Singapore (3.45 percent).

The FPI has been actively pushing for the growth of the manufacturing sector.

This, as Batungbacal noted earlier that the manufacturing sector has the highest potential to provide long-term inclusive employment to a country with persistently high unemployment and underemployment.

The government aims to revive the manufacturing sector to promote economic growth and create jobs.

In 2012, the Department of Trade and Industry (DTI) launched the industry roadmap initiative to promote the growth of specific industries and the entire manufacturing sector.

The roadmaps are seen as building blocks of the country’s manufacturing industry roadmap and the Comprehensive National Industrial Strategy or the country’s blueprint for overall industrial development.

At present, there are 24 roadmaps which have been completed and submitted to the DTI.

DTI assistant secretary Rafaelita Aldaba said earlier drafts of nine industry roadmaps, with seven focused on food, are expected to be ready within the year.
Written by: Louella D. Desiderio

Source: http://www.philstar.com/business/2014/07/30/1351736/phl-mfg-sector-outpaces-global-growth?utm_medium=twitter&utm_source=twitterfeed

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