manufacturing index, highest in ASEAN
August 29, 2017
MAKATI CITY –
Following the double-digit expansion in Philippine (PH) export as
reported by the Department of Trade and Industry (DTI), the country
also sustained its leading position in terms of Purchasing Managers’
Index (PMI) for the manufacturing sector at 53.9, the highest among
ASEAN Member States.
“The 14% expansion in
export was on the back of a robust PMI for manufacturing at 53.9,
the highest among ASEAN countries,” said DTI Secretary Ramon Lopez,
who also serves as chair of the ASEAN Economic Ministers’ (AEM)
Vietnam’s PMI is at 52.5,
Thailand at 50.4, Singapore at 50.3, Indonesia at 49.5, Myanmar at
49.4 and Malaysia at 46.9.
“The PMI is an indicator
of the manufacturing sector’s health, with indices above 50
signaling improvement in business conditions while those below 50
show deterioration,” explained Sec. Lopez.
“This favorable PMI is
driven by robust domestic consumption and resurgent exports,” he
DTI earlier reported that
PH exports withstood a slowdown in external demand in June and
finished a strong first semester performance, ensuring that exports
are both resilient and diversified in terms of products and markets.
Total merchandise exports
for the period January to June 2017 stood at USD 31.04 billion,
expanding by 14% over the USD 27.33 billion posted during the same
period in 2016.
Said expansion was mainly
due to high growth rates of exports to newly revived markets of the
People’s Republic of China (including Hongkong SAR), as well as the
European Union (EU), which gives the Philippines a Generalized
Scheme of Preference Plus (GSP+) status, wherein more than 6,000
product lines enjoy duty free entry into the EU market.
depreciation of the peso against a backdrop of low inflation rate
has also made PH export products more competitive in prices, thus
contributing favorably to this surge in exports, according to DTI.
DTI continues to implement
programs and projects to sustain robust exports growth. A
centerpiece program is the revitalization of the manufacturing
industry through the Manufacturing Resurgence Program (MRP) and, in
partnership with the private sector, the crafting of currently 36
industry roadmaps geared to enhance the capacity and productivity of
domestic industries to produce high value added commodities for both
domestic and export markets.
“We remain committed to
easing the cost of doing business in the country. We have been
collaborating with other government agencies and the private sector
in initiatives that will simplify doing business,” the trade chief
DTI’s presence can be felt
nationwide through 17 Regional Offices that are ready to assist
exporters all over the country, to facilitate a conducive
environment for businesses and to ensure provision of technical
assistance and the needed shared service facilities.
DTI is also assisting
exporters with enhanced market intelligence through its 27