WHILE some manufacturing sectors have recovered already, the Department of Trade and Industry (DTI) said that others need more catching up to do, especially amid the threats of future lockdowns.
Trade Secretary Ramon M. Lopez said in a virtual event on Wednesday that nearly all manufacturing subsectors recently showed double-digit growths already but stressed that some are still below their prepandemic levels.
“While conscious of our gains, our optimism for the manufacturing sector needs to continue further and translate into more robust production,” he said.
In his presentation, the DTI chief listed sectors that have already returned to prepandemic levels: paper and paper products; furniture; wood, rattan and bamboo; pharmaceuticals; basic metals; computer, electronic and optical products; chemicals; and other manufacturing.
Manufacturing for metal products; rubber and plastics; printing and recorded media; tobacco, leather and footwear; and electrical equipment are nearing the 2019 levels, the DTI added.
“While second quarter of 2021 posted stellar growth rates, this performance hasn’t offset yet the huge declines experienced in 2020. Many sectors haven’t reached their prepandemic outputs back in second quarter of 2019,” he said.
These include food products, beverages, wearing apparel, textiles, coke and petroleum, transport equipment, machinery and equipment, and other non-metallic mineral products.
“As we journey towards recovery, there are still risks that we have to manage such as new variants, future lockdowns, and possible delays in vaccination rollout. These are the uncertainties that we still need to prepare for,” Lopez warned.
As such, Lopez stressed the importance of digital technology in ensuring business continuity amid the pandemic.
He explained that digital technology can be used to improve supply chain visibility and reliability amid the changing production patterns.
“In this day and age, organizations which are resilient to external shocks will have a competitive advantage,” Lopez said. “Firms and enterprises must be agile to rapidly tailor production and supply systems and develop new capabilities to adapt to changes in consumer behavior.”
The Philippines’s Purchasing Managers’ Index slipped to 50.4 in July from 50.8 the earlier month, which still showed expansion albeit slower.
Read full article on BusinessMirror
