A Hopeful Vision for 2021 | Industrial Sector
The industrial sector has been one of the longstanding fields known in the workforce. Over time, we’ve seen new fields sprouting and booming depending on the demands of time. Under this sector are Consumer Electronics, Essentials and Non-essentials Manufacturing, Automotive/Automobile, Textile, and Steel Manufacturing to name a few. In its very nature of manufacturing and trading goods here and abroad, it has established itself to be one of the stable and reliable industries in the market.
The progressive vision for 2020 came to an abrupt halt when Covid-19 shook the entire world. Without any warning, people were forced to take work from home and the workforce saw the shift into the digital paradigm.
Inarguably, the local scene took a great hit from this situation. The Philippines had it tough as work-hour reductions, retrenchment, and unemployment rates peaked alongside the pandemic scare. Consequently, the recruitment market went on a decline as many companies when on freeze hiring.
With the last quarter almost nearing to an end, the industrial sector can only hope for a better start for next year.
Make It Happen Launch
According to a news published by Sunstar in November this year, the country is ready to launch an international marketing campaign led by the Department of Trade and Industry. Branded as “Make It Happen”, this campaign aims to leverage the country’s business ecosystem to further attract foreign investors. Among the key sectors to be highlighted in this campaign are the electronics, automotive, and copper sectors.
On the same news, it was reported that the World Bank and International Monetary Fund are waiting for an economic rebound of about 6.8%. This campaign is expected to be a springboard for that forecasted upward trajectory, banking on the current data that foreign direct investments kept coming in despite this year’s crisis.
Alongside this newly launched campaign, the Senate has approved of the CREATE Bill (Corporate Recovery and Tax Incentives for Enterprises Bill). This bill, a new version of the previously known CITIRA Bill (Corporate Income Tax and Incentives Rationalization Act), is expected to support companies devastated by the pandemic. Companies that meet the requirements can benefit to a CIT rate of up to 20%, compared top a previous percentage of 30.
All these efforts being driven by the government are expected to set a good economic mood for both local and foreign firms. Here’s to hoping for aggressive growth this 2021!
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