Die and molds industry set for recovery

Some of the die and mold equipment showcased during the 10th Philippine Die and Mold Machineries and Equipment Exhibition (PDMEX) at the World Trade Center.- Contributed photo

MANILA  -A Philippine trade association of companies in the die and mold industry is projecting a full rebound from the pandemic by next year, auguring well for the multi-billion-peso industry amid the improving business climate in the country in the wake of the health crisis.

Philippine Die and Mold Association Inc. president George Ong said they expect a return to prepandemic business levels sometime around the middle of 2024, or by the start of 2025 at the latest.

“A lot of local firms are coming back from the pandemic. So, I think this year, [business] will have a lot of increases compared to last year. I think 2021 was one of the lowest periods,” Ong told reporters on the sidelines of the 10th Philippine Die and Mold Machineries and Equipment Exhibition at the World Trade Center in Pasay City last week.

“Based on those whom I talked to, they are doing okay and recovering. Projects are returning but still not at prepandemic levels,” he added.

Ong said that the industry’s export performance significantly suffered from the pandemic, driven by the sudden decline in overseas orders of their products.

He said that they estimated that the industry had contracted by about 50 percent during the height of the health crisis, as demand for their products and services drastically slowed down during the period.

According to the Philippine Economic Zone Authority (Peza), about P23.5 billion have been invested by businesses registered under them which are located inside the country’s economic zones.
To date, these span 285 projects and employ nearly 35,500 local workers. INQ