If you’ve been reading the news lately, you may have gotten word that 2016 was a good year for the Philippine economy. The third quarter alone saw a 7.1% Gross Domestic Product (GDP) growth rate. Consumer spending was also at an all-time high, hitting P1.42 million. This resulted to 6.6% total GDP growth—one of the highest in Asia.
All these has translated to more businesses, particularly Small and Medium Enterprises (SMEs) setting up shop. This, in turn, has led to more people being able to purchase goods, such as cars. Vehicle sales for 2016 was pegged at roughly 450,000 units—more than the expected target by industry experts.
While traffic may be worsening due to the sheer volume of vehicles on the road, this is good news for business and the economy as whole. Binalot Fiesta Foods president Rommel Juan, for instance, sees an even brighter year ahead in 2017. More food-related franchises are on their way, he notes. And we’re only at the start of 2017.
Besides food, manufacturing is also one of the sectors that is poised to grow in the coming years. This is fueled by the Department of Trade and Industry itself, which has invested P160 million in infrastructure projects in order to help improve delivery of goods and services and an overall smoother flow of the economy—both literally and figuratively.
One of the key players, Centro Manufacturing Corporation, meanwhile, has increased its production capacity and added modern equipment to help meet greater demand. Centro, as you may know, is a leading truck body manufacturer that assembles various types of truck bodies to meet different cargo and passenger requirements.
All this can be attributed to renewed confidence in things like peace and order, the promised elimination of graft and corruption, and other factors that help contribute to a more stable economy. Should all these come to fruition, we can expect more businesses, higher economic growth, and yes, more vehicles on the road—traffic jams notwithstanding.
