Manufacturing grows, PH ranks 2nd in business optimism

Filipino cannery workers process sardines at the Mega Fishing Corporation in southern Zamboanga City on February 25, 2009. Mike Therence Koh, AFP

For six months in a row, the country’s manufacturing sector has exhibited a sustained double-digit growth rate with an average of 20.6 percent, according to the National Economic and Development Authority.

In the June 2018 preliminary results of the Monthly Integrated Survey of Selected Industries released by the Philippine Statistics Authority, the Value of Production Index and Volume of Production Index placed at 18.9 percent and 18 percent, respectively.

The continuous growth is due to the country’s robust consumer demand, gains in investments, overseas remittances, and improved business confidence.

Meanwhile, the Department of Trade and Industry (DTI) welcomed the Philippines ranking second best in business optimism in Southeast Asia based on the second quarter International Business Report (IBR).

The report said that the Philippines achieved the ranking with an 82 percent rating, which is 8 points higher than the first quarter of the year and above the ASEAN average of 64 percent. The Philippines ranked behind Indonesia at 98 percent but above Malaysia at 52 percent and Singapore at 32 percent.

“This index expresses the positive outlook that business executives have in their operations in the country. We are grateful for this feedback and will work on further measures to make sure that businesses in the country are given more opportunities to grow,” DTI said in a statement.