Boosting manufacturing seen as key to higher GDP growth

The Philippines needs to beef up its manufacturing sector in order for the economy to grow significantly, according to several economists.

MANILA - The Philippines needs to beef up its manufacturing sector in order for the economy to grow significantly, according to several economists at a forum organized by the Philippine Economic Society and Stratbase ADR Institute.

Citing data from the Bangko Sentral ng Pilipinas, Pernia said the Philippines’ FDI in 2022 was only around $9.4 billion, lower than Thailand’s $10.2 billion, Malaysia’s $15 billion, Vietnam’s $17.9 billion, and Indonesia’s $21.4 billion. "We are not attracting not enough FDI because we are seen as having too many complex regulations, which actually tends to be an avenue for corruption also," said Pernia.

Prof. Dindo Manhit, President of Stratbase ADR Institute, agreed saying investors are also reluctant because of issues of red tape and corruption in general. "Coming from a non-economist, the Philippines is a manufacturing economy…. We are in the top 13 percent of countries in the world in terms of manufacturing," said Batungbacal.

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