Make manufacturing as economy’s backbone, PCCI’s Yao says

February 4, 2015 5:47 am 

By Kris M. Crismundo

MANILA, Feb. 3 (PNA) — Manufacturing sector should be the backbone of the Philippine economy in order to trickle down the effect of robust gross domestic product (GDP) growth, said Philippine Chamber of Commerce and Industry (PCCI) President Alfredo M. Yao.

In a phone interview, Yao told the Philippines News Agency that inclusive growth will take effect in the next few years after manufacturing sector has buoyed the gross domestic product (GDP) growth in 2014.

Yao said manufacturing investments were strong in the past two years which is expected to create more quality jobs that will help to reduce poverty.

“Inclusive growth is not an overnight matter. You have to be sustainable with the (economic) growth to attract more investments and generate more jobs,” he said.

In 2014, manufacturing sector had an annual growth of 8.1 percent. This robust growth of the manufacturing industry has supported the 6.1 percent GDP growth in the previous year.

Strongest growth in the sector was recorded in sectors of publishing and printing at 89 percent, fabricated metal products at 46 percent, beverage industries at 25 percent, furniture and fixtures at 25 percent, and machinery and equipment except electrical at 22 percent.

“It’s a good thing that we have sustainability,” Yao stressed.

The manufacturing sector is considered as a labor-intensive industry.

Yao projected that GDP growth this year will be in the range of 6.8 percent to 7.2 percent.

“Our growth is an upward trend,” he said noting the resurgence of manufacturing industry, export industry, and agriculture.

“We’re not just the ‘darling of Asia’ but a ‘darling of the world’ since we’re gaining attention and their interests to venture here,” he noted mentioning business delegations visiting in the country this 2015.

Early this year, PCCI — the country’s largest business organization — already receive business missions from Bangladesh, Denmark, and Nigeria.

A 60-man delegation from Japan will be visiting the country next week. (PNA)

LGI/KMC

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