Trade between the Philippines and 11 other Asian markets could triple by 2030, highlighting the potential of intra-regional trade, with the manufacturing sector seen driving the growth. | AldenMonzonINQ /PDI
“There are also significant opportunities for Filipino businesses in areas such as digitalization, building supply chain resilience and multilateral cooperation in international trade,” it said further.
The UPS study also used data sourced from the International Trade Center, the World Bank, the International Monetary Fund, and the United Nations Department for Economic and Social Affairs. It noted that the local manufacturing segment was set to fuel the projected trade growth, with retail, industrial manufacturing and automotive, high-tech and healthcare as the main drivers.
“The [industrial manufacturing and automotive] segment stands to be the largest by value in 2030, more than [tripling] from 2020 levels as the country aims to serve as a global and regional hub for the automotive and electronics sectors,” UPS said. “Meanwhile, trade in the high-tech segment, which constituted 41 percent of the country’s intra-Asia trade in 2020, could more than double in value, riding the wave of digitalization which will create significant demand in this segment across Asia,” the logistics company said further.
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