DTI: Momentum set via firm Q1 growth

DTI: Momentum set via firm Q1 growth | Daily Tribune

Following the recorded improvement in the gross domestic product (GDP), the trade department said the country is poised to achieve a stellar growth this year.

Data from the Philippine Statistics Authority showed the GDP grew by 5.7 percent in the first quarter of the year, which is faster than the 5.5 percent growth recorded in the fourth quarter of 2023.

“The latest GDP growth rate reflects the continued commitment of the Marcos Jr. administration to propel the country’s economic expansion,” Trade Secretary Alfredo Pascual said on Friday.

He added that amid various trials in the first quarter, the economic performance underscores the country’s enduring and international resilience.

The improved GDP was seen with notable contributions from the financial and insurance, wholesale and retail trade, and manufacturing sectors.

Positive trajectory

“These data signal the economy’s positive trajectory towards achieving a growth rate of 6.0 percent to 7.0 percent this year. The DTI is one of the major contributors to this growth, implementing key programs and actions to foster a robust business environment and fuel economic development,” the trade chief maintained.

He said the Department is strategically contributing to the Philippines’ economic expansion by focusing on selected key areas.

Meanwhile, the upgrading, upskilling, and upsizing of micro, small, and medium enterprises are geared to boost their competitiveness and productivity, according to Pascual.

“The DTI is also at the forefront of enhancing manufacturing capabilities by facilitating technology adoption in line with Industry 4.0, encompassing smart manufacturing initiatives, skills development, and fostering industry innovation to improve production efficiency and global competitiveness,” he said.

Pascual vowed the DTI will continue attracting foreign and domestic investments, actively promoting the Philippines as a desirable investment destination.

This specifically aims to generate jobs, increase exports, and maintain a positive trade balance by streamlining processes and providing incentives to businesses.

With a significant growth of 4.8 percent in merchandise exports in the first quarter of 2024 compared to a year ago, the upward trend is set to boost the country’s export performance in the areas of electronics, mainly semiconductors and electronic data processing, copper concentrates, coconut oil, fresh bananas and chemicals.