The National Economic and Development Authority expects a double-digit growth in the manufacturing sector in the first half of 2018 following a 20.6 percent increase in the volume of production.
Economic Planning Secretary Ernesto Pernia says robust domestic and higher external demand, increased investments and overseas Filipino workers’ (OFW) dollar remittances, improved consumer confidence, and stable business confidence backed this growth in manufacturing sector.
In June alone, manufacturing volume grew by 18 percent while production value grew 18.9 percent.
Majority of the subsectors posted high production indices, including food manufacturing, petroleum products, and export-oriented products.
Growth in the production volume of construction-related manufactures eased in June. However, net sales of cement, glass products and basic metals recorded double-digit growth at 10.1 percent, 15.8 percent, and 29.8 percent, respectively.
The increased production of construction-related manufactures was in response to the continued demand for non-residential buildings such as industrial, commercial and institutional buildings.
“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,” Pernia said.
“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 added.