‘Philippines risks missing Asia’s industrial surge’

MANILA, Philippines — The country could lose ground to its regional peers in Asia’s fast-growing industrial sector if education reforms and industrial policies are not implemented together, one of the country’s most prominent business groups warned.

In a statement, the Federation of Philippine Industries (FPI) said coordinated progress in both education and industry is essential to close the widening gap with neighboring countries.

It cited in particular the “Tatak Pinoy” law, the government’s industrial modernization strategy signed last year, as a necessity for achieving the country’s industrial goals.

“Education and industry are mutually reinforcing engines of growth. Tatak Pinoy provides the blueprint for upgrading Philippine industries. Angara’s reforms ensure we have the skilled workforce to power that transformation,” said FPI chair Elizabeth Lee said.

“Without both, we cannot close the widening gap with Asia,” she added.

The country’s manufacturing activity slid into contraction mode in November, falling to its lowest level in over four years, due to weak demand.