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In Q2, there was more manufacturing growth.

Due to an increase in demand, the manufacturing sector’s growth is anticipated to accelerate in the second quarter of the year, an analyst predicted on Sunday.

“Seasonal increase in demand towards April-May 2023 given the Holy Week holidays, vacation season amid the further uptick in both local and foreign tourism, fiestas, Mother’s Day, reunions, and other celebrations during the summer season would lead to some pick-up in manufacturing activities and other business activities,” Rizal Commercial Banking Corporation chief economist Michael Ricafort told the Philippine News Agency.

Prior data from the Philippine Statistics Authority indicated that the output volume and value growth slowed down in March.

While the volume of production’s growth slowed to 2.2 percent from 5.2 percent in March, the Value of Production Index increased by 4.9 percent, less than the 9 percent in February.

The growth in foreign direct investments (FDIs), according to Ricafort, may help the manufacturing sector grow more quickly.

In February of this year, FDIs reported net inflows of PHP1.05 billion.

“Foreign direct investments already back to pre-pandemic highs recently could eventually lead to increased manufacturing activities in the country,” he stated.

He continued, “Another source of growth for the economy and the manufacturing sector would be the country’s inclusion in the Regional Comprehensive Economic Partnership (RCEP), the largest free trade agreement in the world, led by China. This would help entice more foreign direct investments into the country, as a production or marketing base or as an access point to larger export markets with other RCEP member countries.

According to Ricafort, declining annual inflation would also result in lower interest rates, easing inflationary pressures and cutting financing costs, supporting quicker manufacturing expansion.

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