The Philippines’ manufacturing industry expanded in December 2021 and recorded its highest growth rate in 9 months, according to a monthly survey conducted by IHS Markit. The Purchasing Managers’ Index (PMI) grew to 51.8 in December 2021 and was the fastest since March 2020.
The growth was spurred by new orders received by local manufacturers following an increase in domestic demand when consumers prepare for the Christmas and New Year holiday season. The easing of movement restrictions also contributed to the growth of GDP, estimated to be 5% to 5.5% for 2021.
One of the best performing sectors in the Philippines is electronics, and a particularly dynamic player in this area is Toshiba. It has been reported that the Japanese giant’s three manufacturing facilities in Laguna Technopark and Carmelray Industrial Park contributed to over 6% of the Philippines’ total electronics exports value in the first half of 2021.
The company’s strategic data storage manufacturing facility and Toshiba Electronic Devices & Storage Corp. have been recently awarded the Billionaires Award by the Philippine Economic Zone Authority (PEZA).
In the Philippines, Toshiba manufactures data storage devices such as HDD for personal computers, gaming consoles and car navigation systems, servers, surveillance camera systems, and drives for personal computers.
(Sources: GMA News; Philstar)