A study conducted by BMI, a Fitch Solutions Company, identified the Philippines as an emerging manufacturing hub in 2023. According to BMI, the Philippines’ exports are expected to increase by nearly 120% in 2023 compared to 2015.
This estimate considers the country’s supply chain integration and worker upskilling as the main drivers for its industrial growth, which some of the major economies in Asia like Singapore, Taiwan, Japan, or South Korea had undertaken. Together with the Philippines, Bangladesh and Vietnam are mentioned as up-and-coming manufacturing centers.
The Philippines’ manufacturing index rose to 52.2 in May 2023 from 51.4 in April 2023, led by rapid increases in both factory orders and manufacturing output, with delivery times improving for the first time since 2019. Companies have also seen an increase in hiring activity for the first time in four months.
(Sources: ABS-CBN News; Philippine News Agency)