Roadmaps for various industries sought

MANILA, Philippines - The government is pushing for the creation of road maps for the copper, electronics, car parts and pharmaceutical industries as it seeks to enhance and improve the country’s manufacturing sector, a Trade official said.

“Our Trade and Industry Promotions Group is preparing some road maps and these road maps are in the following fields: copper industry downstream, the electronics downstream, car parts and components exports, pharmaceutical and health products,” Trade Undersecretary Cristino Panlilio told reporters.

He said the government is working in close coordination with the private sector involved in the different industries for the preparation of the road maps.

The road maps are intended to grow the four industries in line with the aim of increasing the country’s manufacturing output.

Panlilio said the government is pushing for the development of the manufacturing sector since the production of good quality export products supports the growth of foreign currency reserves.

Foreign currency reserves serve as cushion against external shocks.

Panlilio said the development of the manufacturing sector is likewise being pushed as it can create jobs for both low-skilled and high-skilled individuals.

An enhanced manufacturing sector has the potential of bringing greater contribution to the economy compared to the services sector, he said.

The services sector currently has the biggest contribution to the country’s gross domestic product.

“Manufacturing is also a big ticket item. The contribution to revenues, productive revenues could be bigger than let’s say, BPOs (business process outsourcing),” Panlilio said.

Data from the National Statistics Office showed that the country’s manufacturing output as measured by the volume of production index posted a year-on-year growth of 3.1 percent in May, slower than the previous month’s 3.3 percent.