MANILA -A trade association of manufacturers says it sees the Philippine economy improving in the latter part of this year, signaling a degree of optimism from a sector which is considered as one of the main pillars of economic development.
Federation of Philippine Industries (FPI) chair Jesus Arranza on Thursday said he was expecting the country’s gross domestic products (GDP) to improve this year, drawing optimism from improving conditions of local industries.
“The construction [sector] is getting bigger. Construction is a big contributor. Manufacturing is also getting bigger,” Arranza told reporters on the sidelines of a forum organized by The Economist in Taguig.
“The only setback in manufacturing is what we have now. Manufacturing is having a lot of problems with smuggling,” he added.
The local manufacturing sector has gotten wide public support recently, with a Pulse Asia survey commissioned by international think tank Stratbase ADR Institute showing that 89 percent of Filipinos agreeing the government should support the sector because of its contribution to the economy.
Pulse Asia: 89% of Filipinos believe gov’t should back manufacturing sector
The same survey, which was conducted from March 15 to 19 and polled 1,200 respondents all over the country, showed that 62 percent of Filipinos also believe the sector contributes to the economy the most through creation of livelihood opportunities for local service businesses needed to support manufacturing operations
The Philippines’ GDP — which is used as a measure of the size and health of a country’s economy — grew by 6.4 percent in the first quarter of 2023, the slowest pace in seven quarters since the 12 percent in the second quarter of 2021.