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Canadian encourages Philippines to attract Chinese business

Published by Steve Coleman on March 06, 2012

A Canadian economist and business strategist has recommended that Philippine business leaders start preparing for the day China becomes too educated to build things.

Convincing China to relocate even one per cent of its manufacturing sector to the island nation would create more manufacturing jobs for the country than it has now.

"In the next decade, China's manufacturing sector will start relocating overseas because labour costs will increase as more and more Chinese get college degrees," Yuwa Hedrick-Wong, a MasterCard Worldwide Global Economic Advisor told a crowd in Makati, Philippines." This will then reduce the number of the labour force willing to work in the manufacturing sector.

"The Philippines then should work on capturing China's manufacturing overseas relocation. This is a once in a lifetime opportunity for the Philippines to boost its economy amid a global economic slowdown."

As of 2010, China's manufacturing sector employed 165 million people, Hedrick-Wong said. The Philippines had 3.2 million manufacturing workers that same year.

Despite the opportunities, the percentage of people working in manufacturing industries has fallen. As a percentage of total employment, the numbers went from 9.7 per cent in 2003 to 8.2 per cent last year.

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