The National and Economic Development Authority (NEDA) said that the Philippines is becoming more of an “investment-led and industrialized” economy, shifting from being consumer-centric to more of a producing and manufacturing economy.

NEDA Director General and Socioeconomic Planning Secretary Arsenio Balisacan said that the country is “in the process of rebalancing” where the economy is adjusting from being services and consumption-driven economy to manufacturing and industrialization that will provide people “higher quality jobs.”

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