PH mng sector grows faster than global average

By , on July 30, 2014

Shutterstock photo
Shutterstock photo

MANILA — The country’s manufacturing sector has outpaced global expectations during the last three years, according to a data from the National Industrial Development Organization.

Federation of Philippine Industries (FPI) director Roberto Batungbacal, citing the same data, said that the country’s¬†manufacturing sector, grew faster than the average growth rate of the Association of Southeast Asian Nations (ASEAN) manufacturing sector and the global average as well.

This data of the countries included is based on the manufacturing value added in the years 2010 to 2013.

Expanding by 5.77 percent during the 3-year period, the country’s manufacturing sector outpaced Vietnam’s 4.88 percent, Thailand’s 3.63 percent and Singapore’s 3.45 percent.

It also went above the 4.97 percent growth average posted by  ASEAN as well as the global average increase of 2.17 percent expected in the same period.

Meanwhile, Indonesia (5.88 percent) and Malaysia (5.10 percent) also went beyond the expected growth average in the same sector.

Batungbacal also noted that the sector has the highest potential of providing the country with a long-term inclusive employment.