MANILA - The Philippines is one of the emerging Asian hubs for manufacturing this year, according to BMI, a Fitch Solutions Company.

BMI said the Philippines, Bangladesh and Vietnam are the top 3 Asian economies that have seen a significant increase in exports since 2015.

During a virtual media briefing on emerging markets, John Ashbourne, BMI Global Emerging Market Economist, said these 3 countries have improved their respective manufacturing sectors over the past 8 years from 2015 to 2023.

He said the Philippines will increase its manufactured goods exports by nearly 120 percent this year compared to 2015. Bangladesh, meanwhile is expected to grow by 164 percent and Vietnam by over 120 percent.

There was no mention of specific industries or products in the report but Ashbourne asserted that this is the same path that was taken by some of the big economies of Asia before they reached high income status.

“Singapore or Taiwan or South Korea, Japan used before—- this is the path that they followed. They linked into the manufacturing supply chain, they boosted the skills of the workforce, and they found a niche,” Ashbourne said.

He added that many countries, led by Bangladesh, Vietnam and the Philippines, are also following the footsteps of the now Asian giants by integrating into the supply chain and upskilling the workers. Aside from the mentioned countries, other Asian economies with significant export success are India, Pakistan and Indonesia.

“The integration of these economies into global manufacturing supply chain has really boosted wages,” said Ashbourne.

He also said that many emerging markets will have slower growth this year, but will have a better growth rate in 2024.

However, growth will still be lower than pre-pandemic levels.

Inflation, though slowing, will remain elevated and will still affect emerging markets.

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