The manufacturing sector posted a double-digit growth for the sixth month in a row, driven by robust domestic and external demands, the Philippine Statistics Authority said Tuesday.
Preliminary results of the Monthly Integrated Survey of Selected Industries showed the volume of production index climbed 18 percent in June from a year ago, following a 21-percent expansion in May. It was an improvement from a 0.1-percent decline in June 2017.
The PSA said the increase was brought about by the expansion of 14 major sectors led by printing with a three-digit increase of 116.3 percent. Other sectors with significant growth were petroleum products (60.7 percent), textiles (36.7 percent), miscellaneous manufactures (21 percent), rubber and plastic products (20.7 percent), machinery except electrical (20.3 percent), electrical machinery (17.1 percent), food manufacturing (14.7 percent) and beverages (10.1 percent).
The value of production index recovered with an annual growth of 18.9 percent from a decline of 2.1 percent in the same month last year.
The National Economic and Development Authority said the manufacturing sector was expected to sustain its double-digit growth in the second half.
“The prospect for the second half of the year is bright. We hope to further climb this upward trajectory as we implement reforms positively affecting the industries and doing business in the country,” Neda director-general and Economic Planning Secretary Ernesto Pernia said in a statement. Julito G. Rada
“Robust domestic and higher external demand, increased investments and OFW remittances, improved consumer confidence and stable business confidence backed this growth in manufacturing,” Pernia said.
Pernia said the government’s inclusive, innovation-led industrial strategy, the implementation of the Ease of Doing Business and Efficient Government Service Delivery Act, and the completion of ongoing infrastructure projects were expected to contribute to the growth of major industries.
“To further drive manufacturing growth, local government units can be capacitated more to attract investments in manufacturing and manufacturing-related services outside Metro Manila,” Pernia said.