Local industries renew growth commitments

MANILA, Philippines - Philippine industries renewed yesterday their commitment to collaborate in achieving growth and competitiveness of the country beyond the current administration.

With the national elections less than a week away, the Department of Trade and Industry (DTI) gathered Thursday various local industries and sectors, government agencies, development partners, and stakeholders to reaffirm their continuing commitment even beyond 2016 to support the growth, development, and competitiveness of the Philippines.

Among the commitments made by the industries include creating more and better jobs, pursuing development in the region, advocating effective and responsive business rules and regulations, and advancing innovation and human productivity.

“The Philippines is now one of the fastest growing economies in the region.  The six-year GDP growth of 6.2 percent placed us as among the top performing economies in the ASEAN region,” DTI Undersecretary Ceferino Rodolfo said.

“Parallel to these economic developments is the growth of the manufacturing sector averaging at 8.2 percent per year for the past four years and it is at this point that we know that our policies, plans, and programs are on the right track,” Rodolfo added.

Rodolfo assured industries that the DTI and Board of Investments (BOI) would continue partnering with the private sector as well as make sure that plans and projects are effectively implemented despite the upcoming change in administration.

To date, he said a total of 40 sectoral roadmaps have been submitted to the BOI, 32 of which are completed and eight on drafting stage.

The roadmaps serve as guides in crafting, prioritizing and implementing plans of action for different industries.

“I would like to renew our commitment beyond 2016, that even beyond the current administration, we will continue to strive for our advocacy of securing the future of Philippine industries through our collaborative efforts in achieving the goals of the manufacturing resurgence program and advocating nation building, national competitiveness, and sustainable and inclusive growth,” Rodolfo said.