The Philippines’ plastics industry expects a single-digit growth, potentially at par with the gross domestic product performance in 2024 and the near term despite the ban on the use of single-use plastics in some areas and growing anti-plastic campaigns.
Philippines Plastics Industry Association (PPIA) president Benjamin Chua said the industry continues to comply with the law, striving to reach recovery compliance of 80 percent in the fifth year.
“We’re now on our second year. We are already ahead of our target of reducing plastic waste by 20 percent by 2024,” Chua said at the opening of the three-day “PackPrintPlas Philippines 2024 Expo” at the SMX Convention Center Thursday.
Despite the pressures from different local government units, particularly in Metro Manila, the group believes that the industry would continue to thrive.
While acknowledging the environmental concerns surrounding plastic waste, Chua said the Philippines is making significant strides in reducing its plastic footprint.
The growth of the Philippines plastics industry is driven by increased demand across various sectors, including packaging, construction and electronics.
The rise of e-commerce and the growing need for smart packaging solutions, particularly in food and healthcare, are expected to support the expanding industry.
According to Messe Düsseldorf for Asia region head Germot Ringler, the Philippines packaging industry is projected to reach 69 billion units by end-2024, with an annual growth rate of 3.3 percent.
Rigid plastic packaging, in particular, is anticipated to grow 6.4 percent, driven by increasing demand in the food and beverage sectors.
The printing industry is also experiencing significant growth, due to advancements in digital printing technologies. This surge is evident across various industries, from packaging and labels to commercial printing and personalized marketing materials.
PackPrintPlas Philippines 2024 serves as a platform for showcasing innovations and advancements in these sectors.
