There is little in terms of backward- and forward-integration among our enterprises to support manufacturing growth. Exchange rates alone will not accomplish this outcome for as long as our domestic manufacturing sector is weak. For as long as we have a weak manufacturing base, we will be dependent on imports for our vital needs. We have not learned from the lessons of our neighbors: those that rapidly industrialized on the basis of strong state support for key industries. They are often vulnerable to “cyclicality” – demand shocks that destroy pricing.

Source: Philippine Star January 12, 2026 16:25 UTC