Resurgent Phl manufacturing sector to absorb 150 K jobs yearly
USAID deputy mission director Clay Epperson said manufacturing in the Philippines has been experiencing a revival in recent years, and is expected to sustain its growth as the government rolls out its various pump-priming programs. File
MANILA, Philippines — The resurgent Philippine manufacturing sector, which continued to lead growth in Southeast Asia, could generate as much as 150,000 new jobs annually, an official from the United States Agency for International Development (USAID) said.
USAID deputy mission director Clay Epperson said manufacturing in the Philippines has been experiencing a revival in recent years, and is expected to sustain its growth as the government rolls out its various pump-priming programs.
He said the sector has contributed to the creation of at least 100,000 jobs annually in the past five years and that number is expected to soar as the resurgence reaches new heights .
“We know manufacturing sector can provide solid jobs in great numbers. With sustained growth, we can see this number rise and create 120,000 to 150,000 jobs in a year. This will provide Filipinos opportunity to better their lives,” Epperson said.
“In the first half of 2017, the manufacturing sector grew by an average of 10 percent and I am fairly confident that the performance of the sector for the entire year will be as good, if not better, despite uncertainties,” he added.
Last month, Philippine manufacturing posted the highest growth among its ASEAN neighbors, according to the results of the Nikkei ASEAN Purchasing Managers’ Index (PMI).
The headline Nikkei ASEAN Manufacturing PMI in November grew to 50.8 from 50.4 in October, marking a fourth successive month of improvement.
“The Philippines led the overall growth rankings again in November, with its PMI improving to its highest level so far this year. Malaysia moved up to second position, having returned to growth after a modest decline in October, while Myanmar came in third as its rate of growth quickened to a six-month high,” IHS Markit, the firm that collected data for the index, said.
Last week, IHS Marikit reported that the Nikkei Philippines Manufacturing PMI rose to 54.8 in November from 53.7 in October, the highest reading for the country this year.
This was driven by strong domestic economic conditions and higher foreign demand during the period.
For his part, Trade Secretary Ramon Lopez said employment though remains a challenge as 2.5 million Filipinos are still unemployed and 6.5 million underemployed. – Catherine Talavera
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