INQUIRER: Philippines urged to focus on manufacturing
The manufacturing sector remains critical for Asian countries like the Philippines to prosper and avoid the middle income trap, according to a report of the Asian Development Bank. The ADB said the Philippines' shallow industrial base was nearly decimated by the ensuing internal and external crises. The Philippines remained constrained by narrow export specialization, import dependence, and a shallow knowledge base. The reasons include macroeconomic policies, flawed incentive structures and lack of nationalism among the "captains" of industries.
The manufacturing sector remains critical for Asian countries like the Philippines to prosper and avoid the middle income trap, according to a report of the Asian Development Bank. The ADB said the Philippines' shallow industrial base was nearly decimated by the ensuing internal and external crises. The Philippines remained constrained by narrow export specialization, import dependence, and a shallow knowledge base. The reasons include macroeconomic policies, flawed incentive structures and lack of nationalism among the "captains" of industries.
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