Strengthening the country’s manufacturing sector can add even more momentum to the national economy’s growth, according to Trade Secretary Ramon M. Lopez, adding that attracting exporting firms to operate here would help boost the country’s dollar revenues.
On the sidelines of the third Philippine Construction Industry Congress in Pasay City, Lopez said the 6.1-percent gross domestic product (GDP) of the country in the third quarter of the year is considered “sustained momentum” toward economic expansion.
He noted that growth of industry and services remained robust, having increased by 6.2 percent and 6.9 percent, respectively, in the third quarter. “These are the two sectors that we really want to grow to create the base that we need,” Lopez said.
The manufacturing sector posted a 4-percent growth in the third quarter.
The Department of Trade and Industry (DTI), he said, targets to attract more investments in manufacturing to serve local demand by replacing imports with domestic production.
Philippine Statistics Authority data show that trade deficit for the first nine months of the year increased by 70.5 percent to $29.9 billion, from $17.54 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 the DTI is also pursuing trade deals with different countries to improve market access for Philippine products.