Despite growing at an average rate of 2.7% between 2002 and 2012, the manufacturing sector’s share of GDP has been eroded by the rapid growth of other sectors, such as construction and services. Hampered by high energy costs, expensive logistics and low infrastructure investment, the manufacturing’s share of GDP has been declining since 2002 in what the Asian Development Bank has warned could be...
Philippines Industry
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Chapter | Industry & Retail from The Report: Philippines 2014
Buoyed by a burgeoning middle class and greater availability of financing, the Philippines’ automotive sector is set for strong growth this year, with sales for the usually slow month of August hitting a record high.
A drive to increase the number of industrial parks opening their doors across the Philippines is gathering pace as the country moves to build on a landmark level of foreign direct investment (FDI) notched up last year.
In a move that should pave the way for renewed growth in the minerals sector, The Philippines has lifted a moratorium on issuing new mining exploration permits. However, the end of the ban may not lead to the surge of new investments the government is hoping for, as local and foreign investors are likely to be cautious as they assess the impact of new capitalisation requirements and tax regulations.
While the automotive segment has been boosted by a solid rise in sales, driven by increased economic growth and consumer spending power, there is rising uncertainty over the long-term viability of domestic production, as regional rivals and a still-narrow market eat away at cost efficiency.
Rising revenues and job creation, backed by new investments, are currently highlighting the surging growth in the Philippines’ business process outsourcing (BPO) segment.