THE Federation of Philippine Industries (FPI) said supply chain disruptions and the weak peso make it vital to pursue a “buy-local”approach to spice up domestic industrial production.
In a press release late Tuesday, FPI Chairperson Elizabeth H. Lee said domestic production and procurement will ‘higher position” the economy by constructing “capability…to face up to external pressures.”
Foreign exchange volatility and supply-chain disruptions attributable to the fighting in Iran cuts across industries and the general economy, Ms. Lee said.
The peso first weakened past the P60-to-the-dollar level on March 19, about three weeks after the outbreak of fighting within the Persian Gulf.
Ms. Lee cited Republic Act (RA) No. 11981 or the Tatak Pinoy Act, which provides a transparent framework for upgrading domestic industries and moving up the worth chain.
“Persistent global uncertainty reinforces the economic case for domestic production, with local spending generating broader multiplier effects across employment and provide chains,” Ms. Lee said.
She also noted that RA 9184 or the Government Procurement Reform Act provides a guide for domestic industry preference.
“Its current framework — still largely anchored on price-based evaluation — presents a chance for further alignment with industrial development goals,” she said.
Margins of preference for domestically-produced goods could also be more strategically utilized to support local industries inside established rules,” she said. — Beatriz Marie D. Cruz