PSA says PH manufacturing sector showed significant improvement in first 7 months of 2024

PTVPhilippines

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00:00Positive reforms to government's business policies have begun to bear fruit,

00:04especially in manufacturing. With an impressive uptick posted from January to July,

00:09the manufacturing sector has managed a significant growth of a little over two percent

00:15and looking to a strong finishing kick in the last quarter,

00:18with greater consumer spending in the extended holiday season.

00:21Our Claisel Pardilia tells us more.

00:23Aeron saved religiously for a new motorcycle to ride to work.

00:31A power sports company reported an increase in motorcycle production this year.

01:01According to data from Philippine Statistics Authority, the manufacturing sector in the

01:15Philippines showed significant improvement in the first seven months of 2024.

01:21From January to July, the volume of manufactured products reached 99.7 percent,

01:28marking a growth of over two percent compared to 2023.

01:32This increase is attributed to a rise in the production of petroleum products,

01:37computers, electronics, beverages, food, and various goods.

01:42A company specializing in frozen products mentioned

01:46this boost is part of preparations for the upcoming holiday season.

01:58The total value of production in the Philippines surged to 97.5 percent,

02:13which contributed to the rise of the country's gross domestic product in the second quarter of

02:192024. The latest GDP figure stands at 5.5 trillion pesos, with the manufacturing industry contributing

02:2817.1 percent.

02:50To boost confidence among businesses and investors in the Philippines,

02:55President Ferdinand R. Marcos, Jr.'s administration is focused on accelerating

03:00and digitalizing business processes. The Anti-Ratik Authority is implementing

03:05compliance to the electronic business one-stop shop.

03:09Of the 1,600 municipalities in the Philippines, 1,100 have automated their business processing.

03:17This initiative supports President Marcos' vision of positioning the country as a regional hub

03:23for smart and sustainable manufacturing and services.

03:27Kalei sa Pardiliya for the new and better Philippines!

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