MANILA, Philippines — A new Pulse Asia survey revealed majority of Filipinos wanted the national government to support the local manufacturing sector, citing the industry’s potential to support economic growth.
The survey, conducted from March 15-19, was commissioned by international think tank Stratbase ADR Institute.
As it is, the local manufacturing sector is still finding solid footing after the pandemic sent the Philippine economy spiralling in 2020. Local factories are on an uptrend as output and production picked but headwinds, such as supply chain bottlenecks and expensive raw materials, are hampering its ascent.
The survey polled 1,200 respondents nationwide, with 61% stressing the need for opportunities to train workers.
Besides that 50% said the state needs provide more incentives competitive with what other countries offer.
Michael Guarin, vice president for internal affairs over at Financial Executives Institute of the Philippines, said during Stratbase forum on Tuesday that the incentive strategy needs to be assessed with care.
“Given manufacturing remains a small portion of agriculture, services, industry equation, incentives would be the way to go. The incentive is the carrot and depending on legislation, let’s think of a good stick,” he said.
The survey showed 45% of Filipinos are looking to the national government to develop more economic zones, which offer various incentives, such as tax breaks, for companies.
That said, the Pulse Asia survey indicated that 62% believed that the local manufacturing sector contributed to economic growth by way of creating employment. Likewise, 62% of those surveyed believe that local factories make goods affordable and accessible for Filpinos.
Polling data also revealed that half of Filipinos were convinced the sector boosts local and foreign investments, which will open opportunities for employment and mass-produce more items for local and export markets.
“The government should take full advantage of the existing sweet spots enjoyed by the country in the areas of demographics, natural resources, geographical location, and language facility because these advantages power up the country’s position of strength,” said Stratbase ADR Institute president Dindo Manhit. — Ramon Royandoyan