Export-oriented manufacturers in the Phillippines have been increasing technology investments and improving operational efficiency to cut down costs amid high frfeight expenses and sustain operations to meet rising demand.
Ferdinand Ferrer, the vice president for industry of the Chamber of Commerce, said on Tuesday in an event in Pasay that the “impact of high fuel charges has significantly increased the cost of manufacturing here in the Philippines.”
Apart from this, he said that shipping costs had risen as well. Transporting exports via sea freight from the Philippines to America costs three times more now prior to the pandemic. This is because of the lack of containers and high oil prices, he noted.