Manufacturing, as well as the copper and chemicals industries, will be the main focus of the Department of Trade and Industry (DTI) and the Board of Investments (BOI) for the country’s economic agenda for development.
In a statement, the DTI’s very first Trade and Industry Development (TID) Updates will tackle the status of the roadmaps for the three sectors—manufacturing, copper and chemical sectors—“to update stakeholders” on the country’s target as the Asean Economic Community will start by 2015. Asean is the Association of Southeast Asian Nations.
“Manufacturing sector will be crucial in generating meaningful jobs and promoting sustainable and inclusive growth, as the country prepares for the Asean Economic Integration come 2015,” the DTI said.
According to the BOI, the manufacturing sector did well this year, having a 20.4-percent growth during the first quarter with a total of P3.4-billion worth of accumulated investments.
The Philippine Institute for Development Studies, which is also involved in the development of the three roadmaps, said that the manufacturing sector is seen to generate more jobs for the poor as well and “offer relatively higher wages.”
The TID Updates forum will gather several foreign and local business chambers, embassies, industry associations, development institutions and the public and private sectors to further discuss the industry roadmaps and its contributions to the country’s economic landscape.
“The roadmaps will guide all stakeholders in the crafting of the annual investment priorities plan [IPP] and help define government positions and strategies for trade and investment negotiations, as well as identify value-chain gaps to guide investments promotion,” the DTI said.
The DTI and the BOI, through the Industry Development Program (IDP), encourage the formulation of industry roadmaps with the help of the academe and development institutions to intensify and draw the strategies, goals and directions of the industries, which will be the basis for the development of the Comprehensive National Industrial Strategy.
These industry roadmaps would then identify gaps and needed reforms in the sector “to enhance competitiveness and sustain inclusive growth.”
Kristyn Nika M. Lazo