Sunday, February 5, 2017
Manufacturing to Grow Amidst PHL's Economic Growth
After growing by 6.6 percent in 2016, the World Bank projects the Philippine economy to consistently grow at an average of 6 percent over the next few years up to 2019. This makes the Philippines the fastest growing economy in Asia. It is now leaving its neighbors in the dust after languishing at the bottom for decades.
The Philippines along with its neighbor Vietnam is now leading the pack in the ASEAN region as it posts some of the fastest growth levels. Analysts believe that it is the improved peace and order and overall security conditions under the Duterte Administration that have encouraged the local market to become more willing to spend more.
There is a push by the Department of Trade and Industry led by its energetic and passionate new Secretary Mon Lopez to implement the manufacturing resurgence of the Philippines. The planned US$ 160 million investment in infrastructure in 2017 is seen to help boost the manufacturing sector in the country.
Jerryme Garcia, CFO of leading truck body builder Centro Manufacturing Corporation, reaffirms the strategy of DTI. “Boosting manufacturing in all sectors is key to creating more jobs and strengthening the economy further. We have a large domestic consumer base of over 100 million and a very youthful and productive workforce which is to our advantage because we do not need to rely so much on exports to make the economy grow”.
Garcia adds that Centro has ridden the tide through the rough years and now that the market is ready, it is poised to seize the opportunity. “We have increased our production capacity, have invested in new and modern equipment and have partnered with foreign principals to improve our technology and raise product quality”.
“Malaysia and Thailand grew in the 90’s anchored on manufacturing”, he further said. “The Philippines must now do the same, buoyed up by record investments and grants from Japan, China and the Middle East as a result of the Duterte Administration’s recent foreign policy shifts”.