The Philippines' manufacturing industry's growth will rely on the macroeconomic recovery, led by the government to release policy reforms and expansionary fiscal programs to provide employment, upskill workers, expand social protection, and implement an active labor market. As the economy slowly regains footing and the citizens gradually get vaccinated, its manufacturing outlook optimizes. Firms will soon obtain their pre-pandemic level capacity, requiring them to rehire employees to cater to growing orders and provide a more stable financial security for the Philippines after the pandemic.
Even though risks and opportunities linger in the Philippines manufacturing sector, manufacturing players are now emphasizing innovation and digitalization to enhance resiliency. However, while digitalization and innovation are important, the Philippines still need to build a strong foundation on investment regulatory framework to proceed with nationwide digitalization and improve the investment climate.
Through the new industrial policy under the DTI, hundreds of industries and related activities are expected to bloom to drive the creation of quality jobs and the attainment of our national goal of inclusive growth. https://innovate.dti.gov.ph website aims to serve as a central portal on industry policies, programs, and initiatives affecting manufacturing and other major sectors of the economy. It also contains specific sectoral roadmaps, economic and industry indicators, and industry resources including news reports, research papers, and related documents such as the Investment Priorities Plan.
Under the DTI, the Manufacturing Industry has the following sectors - Aerospace, Automotive, Auto Parts, Biodiesel, Ceramic Tiles, Chemicals, Copper, E-Vehicles, Electronics, Furniture, Iron and Steel, Metalcasting, Motorcycle, Natural Health Products, Petrochemicals, Plastics, Paper, Rubber, and Tool and Die.
The presence of chambers of commerce both domestic and foreign is proof that we are on the right road to progress.
In The Manila Times (TMT) online business forum, titled “Repurposing industry for retooling the economy“, Dr. Rafaelita M. Aldaba, Undersecretary for Competitiveness and Innovation of the Department of Trade and Industry (DTI) gives us an update on the Philippine Manufacturing Industry while Philippine Chamber of Commerce and Industry Inc. President George T. Barcelon gives us a bird's eye view from the private sector.