Manufacturing likely grew faster in March amid a strong domestic demand, Moody’s Analytics, a division of Moody’s Corp., said in a report over the weekend.
Moody’s Analytics estimated that manufacturing output grew 11.4 percent year-on-year in March, stronger than the 10.7-percent expansion in February.
“Philippine industrial production growth is expected to have accelerated to 11.4 percent year-on-year in March after growing 10.7 percent in February. Manufacturing strength has been fairly broad-based among the subsectors, with food production doing particularly well,” Moody’s said.
It said electronics output”•which comprised almost half of the country’s shipments abroad”•would continue to rally in the coming months because of improved external conditions.
“Even with this, the main driver of production growth will be booming domestic demand as rising incomes and infrastructure projects drive consumption and investment,” Moody’s said.
The Duterte administration is giving more focus on the establishment of more infrastructure projects under its ambitious “Build Build Build” program that include airports, seaports, roads, bridges, tollways and even railways.