Industry has made a sustained contribution to the Philippines’ economy in recent years, accounting for roughly 30% of GDP between 2017 and 2019. Sector growth was driven predominately by manufacturing, which comprised more than half of industrial output and 19% of GDP over the same period. Growth was constrained in 2020 as Covid-19 response measures impeded manufacturing activity and reduced global demand for industrial products. Even so, there were already signs that manufacturing activities…
Industry & Agri-business
From The Report: Philippines 2021
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Industry has made a sustained contribution to the Philippines’ economy in recent years, accounting for roughly 30% of GDP between 2017 and 2019, with sector growth driven predominately by manufacturing. Expansion was constrained in 2020 as Covid-19 response measures impeded manufacturing activity and reduced the global demand for industrial products. Meanwhile, agriculture comprised 9-10% of GDP from 2017-19 and is a crucial source of employment. Increased emphasis has been placed on transforming traditional farming into a dynamic agri-business sector – which will be key to the country’s economic rebound. After a difficult 2020 it will be necessary to address ongoing challenges – including high production and electricity costs, inadequate infrastructure and limited basic industries – to enable long-term manufacturing growth. Supporting businesses in the adoption of the Fourth Industrial Revolution, or the application of new digital and automated technologies to enhance production processes and service delivery, will further boost resilience. This chapter contains interviews with Ramon M Lopez, Secretary of Trade and Industry; William Dar, Secretary of Agriculture; and Christopher Po, Executive Chairman, Century Pacific Food.