NextGen Day

According to an independent research firm, the Philippines must transition to investment-led growth to maintain the nation’s economic benefits and advance inclusive growth.

The president of the Stratbase ADR Institute, Dindo Manhit, stated in a virtual forum on Tuesday that while the Philippine gross domestic product (GDP) has historically been driven by consumption, growth driven by investments can address enduring economic issues like unemployment and underemployment, high inflation, and income security.

“I’ve long thought our economy cannot be run just on consumer demand. The key to it is industrial growth, not only by domestic investors but also by both domestic and foreign investors in the country now that the economy has been opened up, he added. “We, at Stratbase, believe that consumption also should have increased production,” he said.

Manhit stated that investors in the manufacturing sector should think about marketing their products to the enormous Filipino market rather than concentrating their production efforts on the export market.

“The traditional viewpoint was, ‘Let’s build on the manufacturing sector to export.’ However, we see the more than 100 million Filipinos as consumers who fuel economic expansion,” Manhit said.

He also emphasized the cascading effects of investment in the manufacturing sector, which will raise national productivity, produce high-quality jobs, guarantee income and food security, make commodities more affordable, and encourage economic activity.

“We believe we can sustain economic gains by being more focused on investment that will create jobs, that will provide better income and livelihood for people,” Manhit added. “We need to reinvigorate the manufacturing sector.”

favored industry groups

The Philippines are being promoted as an investment hub for these priority industry clusters: industrial, manufacturing, and transportation; technology, media, and telecommunications; health and life science; and modern basic needs, and resilient economy, as previously noted by the Department of Trade and Industry (DTI) Undersecretary Rafaelita Aldaba.

According to Aldaba, these manufacturing clusters also support the Marcos administration’s medium-term economic growth plan, which aims to give Filipinos better jobs.

She continued by saying that the new industrial policy of the government strongly emphasizes the use of an innovation- and science-driven strategy that will increase the competitiveness of Philippine industries.

Assuring shared prosperity for all, Aldaba added, “[this] will create dynamic industry ecosystems that will serve as the basis for generating more and quality jobs and investments creating new products and services.”

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