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Philippine manufacturing grows 11.1 percent in March

Xinhua, May 10, 2017 Adjust font size:

The National Economic and Development Authority (NEDA) of the Philippines said on Wednesday that increased production in petroleum products, food, and transport equipment boosted manufacturing in the Philippines, which grew 11.1 percent in March 2017.

Data culled by the agency said the 11.1 percent growth in the volume of production index in March 2017 was higher than the 8.2 percent recorded in March 2016.

The agency, meanwhile, said the value of production index grew 12.2 percent in March 2017 or 0.8 percent increase recorded in the same period in 2016.

"We must continue to foster a competitive and innovative environment to help the manufacturing sector realize its full potential as a growth driver," NEDA Undersecretary Rolando Tungpalan said in a statement.

He said manufacturing is expected to benefit from the sustained growth economic momentum and increasing infrastructure and human capital investments.

"It can also benefit from the country's BBB, or good quality rating, with a positive outlook for both foreign and local currency denominated obligations," Tungpalan said.

For consumer goods, the agency said food manufacturing posted a 23.4-percent growth in volume and 20 percent in value of production mainly due to the sustained domestic demand for basic goods, particularly for food and beverages.

For intermediate goods, the agency said petroleum products soared in both volume and value of production registered 61.5 percent and 94.9 percent respectively. Both apparently recovered from contraction in the same period last year, the NEDA said.

For capital goods, the NEDA said fabricated metal products boomed by 74.4 percent in volume and 15.1 percent in value of production, while transport equipment sustained it momentum.

Tungpalan said this momentum signals the desire of the sector to support the movement's ambitious infrastructure development program.

"As such, we must push for the adoption of innovative technological advancements to increase the productivity of local producers and enterprises," he said.

The increase in production of construction-related manufactures was backed by the strong demand for residential and commercial development, as well as the increased spending on public infrastructure.

However, Tungapalan warned of the upward risks to inflation as well as possible external risks.

"We must keep diversifying our market and increase our attractiveness to investors by addressing legal impediments that restrict foreign participation, minimizing regulatory burden, and reducing the cost of doing business in the country," Tungpalan said. Endit