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MANUFACTURING SURGES, BOOSTING GDP CONTRIBUTIONS BY 22.4% IN Q3 2017 ¿ LOPEZ

 

MAKATI ¿¿ "The Philippine economy smashed expectations to post a 6.9% growth as a robust manufacturing industry expanded by 9.4% and increased its share to GDP by 22.4% in the third quarter of 2017," Secretary Ramon M. Lopez of the Department of Trade Industry stated.

"This economic feat is creating meaningful and well-paying jobs for our people and providing a compelling environment for business to thrive. This is what the Department's Trabaho at Negosyo thrust is all about," the Secretary added.

The growth was one of the fastest in the region, outpacing other Asian countries, such as China (6.8%), Malaysia (5.8%), and Singapore (4.6%).

The services sector accounted for the highest share to GDP at 58.9%, followed by the industry sector (33.3%), and agriculture sector (7.5%). Manufacturing accounted for 69% of the total output of industry.

Among the three economic sectors, industry accelerated the fastest at 7.5%, while the services and agriculture sectors grew by 7.1% and 2.5%, respectively.

"We are closing in on our minimum target of growing the manufacturing industry to 25% of the country's GDP. The Department remains relentless in our efforts to revive our factories, expand production, generate employment, and enable industry to provide the catalyst that will build the seamless link between a productive agriculture and a strong services sector," Secretary Lopez added.
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 (Source: DTI Website)

 Date Posted: November 17, 2017

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ASEAN SIGNS FTA, INVESTMENT DEAL WITH HKC

MANILA, PHILIPPINES – ASEAN and Hong Kong, China (HKC) strengthened vibrant trade and economic relations with the signing of the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA) and ASEAN – Hong Kong Investment Agreement (AHKIA) at the sidelines of the 31st ASEAN Summit and Related Summits on 12 November 2017 in Manila.

The two agreements are part of the region’s continuous efforts in expanding external economic relations to foster greater trade opportunities for the ASEAN Economic Community (AEC).

“This will open more opportunities for ASEAN as we ensure greater market access for our products and sustained flow of foreign direct investments (FDI),” said Secretary Ramon Lopez, this year’s Chairperson of the ASEAN Economic Ministers (AEM).

Lopez shared that these agreements would provide job opportunities for people and enhance collaboration among businesses, particularly the micro, small, and medium enterprises (MSMEs) sector.

AHKFTA is ASEAN’s sixth free trade agreement (FTA) with external partners, after ASEAN-China FTA (ACFTA), ASEAN-Korea FTA (AKFTA), ASEAN-Japan Comprehensive Economic Partnership (AJCEP), ASEAN-India FTA (AIFTA), and ASEAN-Australia-New Zealand FTA (AANZFTA). It covers trade in goods, rules of origin, non-tariff measures, customs procedures and trade facilitation, trade remedies, technical barriers to trade, sanitary and phytosanitary measures, trade in services, intellectual property rights, and economic and technical cooperation.
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 (Source: DTI Website)

 Date Posted: November 17, 2017

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