A MANUFACTURING SECTOR-specific plan is being considered by the Trade department given concerns of a disproportionate focus on services and commerce.
“There will be an industrial plan and it would take six months to formulate and another 12 months to do consultations,” Trade Secretary Gregory L. Domingo yesterday said at a House of Representatives budget hearing.
Mr. Domingo noted that courting foreign investments remained a challenge for the Philippines, particularly when high domestic power costs come into consideration.
In the absence of an industrial development strategy, Mr. Domingo underscored current efforts to court funding for manufacturing via the Investment Priorities Plan.
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Source: Business World, Aug. 22, 2011
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