2014 growth, the fastest sector in the Philippines
Philippine manufacturing continues its rapid growth pace as it now leads all sectors of the economy, growing by 10.8% (constant prices) in the 2nd quarter of 2014. Manufacturing was the fastest growing segment of the Industry sector which grew 7.8%, the services sector grew by 6% and the agricultural sector grew by 3.6%. Data source: NSCB.
The latest quarter’s manufacturing performance was characterized by double-digit growth of the largest manufacturing sub-sector which is food manufactures which grew 10.7%. Food manufactures represents 37% of the entire manufacturing sector. The 2nd largest sub-sector is called “radio, tv, communication and equipment and apparatus” which represents the electronics and semiconductor industry. They grew by 9.4%. Third largest sector is the chemical sector, which grew at a slower pace of 4.4%.