What do you think will be the role of manufacturing and service industry in the Philippine economy?

What is the role manufacturing industries in a country’s development?

Manufacturing industries not only help in modernising agriculture, they also reduce the heavy dependence of people on agricultural income by providing them jobs in secondary and tertiary sectors. Industrial development is a precondition for eradication of unemployment and poverty from our country.

What is the importance of manufacturing in the Philippines?

The Philippine manufacturing industry remains to be the most important sector for long-term productive employment, value-added generation, and innovation. It has the highest multiplier effect to the economy1 compared to other sectors. Manufacturing is called the engine of the economy.

What is the role of services in the economy of the Philippines?

Services has been one of the strongest and fast-growing sectors of the Philippine economy. Its gross value added contribution reached to 57% in 2014 (from 36.6% in the 1970s), and it also grows by an average of 6.3% from 2000 to 2014.

What is the importance of manufacturing in the development of country’s economy?

The innovation found in the manufacturing industry has helped to increase economic productivity too. Since the Industrial Revolution, the way we produce and consume goods has changed, and it’s innovation that allowed (and continues allowing) the nation to become increasingly more productive in the services offered.

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What is the importance of industrial sector in the Philippines?

The industrial sector has made a fair and sustained contribution to the GDP of the Philippines over the years, averaging 34% during 1980-2014 and dropping to 30.8% in 2018. This sector employs 18.39% of the country’s workforce.

What are the good effects of manufacturing?

Manufacturing technologies improve overall productivity, which increases profit immensely as well. In addition, technology and automation usually mean that you require fewer workers in the plant, which is typically the largest cost incurred by a manufacturing company.

Is Philippines a service economy?

The Philippines is often referred to as a country from which export of services rather than manufactured goods is the principal engine for economic growth, as the share of the service sector in gross domestic product has exceeded that of the industry sector since the mid-1980s.

What are the basic services in the Philippines?

Kilos SAMBAYANAN, or Kilos para sa Sampung Batayang Pangangailangan, is NAPC’s campaign for the fulfillment of the ’10 basic needs’ of the Filipino people: food and land reform; water; shelter; work; education; health; social protection; healthy environment; peace; and participation.

What are the service business in the Philippines?

Below are examples of service businesses: Firms which offer professional services, such as accounting, legal, engineering, business consulting, customer service and architecture. Transportation companies, such as airlines, shipping, land tours and forwarders. Entertainment, such as artists and movie houses.