MANILA -- Strengthening the country’s manufacturing sector can add even more momentum to the national economy's growth, Department of Trade and Industry (DTI) Secretary Ramon Lopez told reporters Thursday.
On the sidelines of the 3rd Philippine Construction Industry Congress in Pasay City, Lopez said the 6.1-percent gross domestic growth (GDP) of the country in the third quarter of the year is considered “sustained momentum” towards economic expansion.
He noted that growth of industry and services remain robust for Q3 2018, having increased by 6.2 percent and 6.9 percent, respectively. “These are the two sectors that we really want to grow to create the base that we need,” Lopez said.
For Q3 2018, manufacturing sector alone went up by 4 percent.
The DTI targets to attract more investments in manufacturing to serve local demand by replacing imports with domestic production. Attracting exporting firms to operate here would also be additional dollar earners for the country.
Philippine Statistics Authority data show that trade deficit for the first nine months of the year increased by 70.5 percent to USD29.9 billion from USD17.54 billion in the same period a year ago.
“We really need to connect our capability, our capacity to export by having also a bigger manufacturing capacity,” he added.
“To have that, we have to pursue the investment growth, and thankfully that we are getting that right now,” Lopez said. The top trade official said the government continues to roll out reforms particularly in lowering corporate income tax rate and liberalizing sectors, wherein more foreign players can participate.
He added that DTI is also pursuing trade deals with different countries to improve market access for Philippine products. (PNA)
