Thursday, November 28, 2019
DTI TO HOLD THE 4TH ANNUAL MANUFACTURING SUMMIT
MAKATI CITY – Continuing the effort to take the country’s manufacturing sector to greater heights and new frontiers, the Department of Trade and Industry (DTI), in partnership with the Federation of Philippine Industries (FPI) will hold the Manufacturing Summit 2019 on Tuesday, 3 December 2019, at The Peninsula Manila, corner Ayala and Makati Avenue, Makati City.
Now on its fourth year, the summit will once again gather stakeholders from the government, academe, industry, and various development partners to discuss pressing issues affecting the Philippine manufacturing landscape.
Amid the economic volatility, the Philippines has been growing steadily during the current decade, posting an annual average of 6.3%. This is a remarkable improvement from the 4.5% average during the 2000s. In 2018, we grew at 6.2%, one of the highest in Southeast and East Asia and exceeded only slightly by China and Vietnam.
While the country’s long-term figures looked rosy, the manufacturing industry this year only grew by 2.4 percent in the third quarter of 2019, slower compared to the 3.8 percent growth it posted in the same period last year.
The top industry contributory drivers to growth this year include the Chemical Sector with 9.7% growth, Food with 4.4%, Basic Metals with 17.2%, machinery equipment with 14.8%, and electrical machinery with 14.4%.
On the other hand, some sectors contracted, pulling down the growth of the Industry. Topping the list of decliners are Petroleum and Other Fuel Products, 28.3%; Radio, Television and Communication Equipment and Apparatus, 4.3%; Furniture and Fixtures, 11.3%; and Transport Equipment, 5.7%.
The lower growth figures this year pose as a challenge to the manufacturing sector to regroup and look at how to strengthen its core and keep its long-term growth trajectory on an upward path.
With this year’s theme being, “Preparing Philippine Manufacturing for the Future of Production,” the Summit will take stock of the performance of the manufacturing industry, highlight the changes in the domestic economy and global market; discuss the future of manufacturing and agribusiness under Industry 4.0; and consider future skills and human resource development for future production.
The Manufacturing Summit is held as part of the implementation of the government’s Inclusive Innovation Industrial Strategy (i3S). The Summit proceedings will be live-streamed via the official DTI Facebook page accessible at https://www.facebook.com/DTI.Philippines. The program details are available at https://mfgsummit2019.weebly.com/program.html. For further inquiries, you may email MFGSummit2019@dti.gov.ph.
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