A GDP certification in Philippines will benefit your company in several ways. These benefits include increasing your bottom line, improving consumer confidence, and maintaining the integrity of your company.
Industrial sector
Compared to its Asian neighbors, the Philippines has been relatively slow on the uptake in terms of industrialization. It is the fourth-largest shipping country in the world, but its lack of infrastructure has hampered investment. While the industrial sector has made a fair contribution to the country’s GDP, the country needs to be more aggressive in attracting foreign direct investment.
The Philippines also has a well-developed service sector, with over a third of the workforce engaged in the service sector. The BPO industry, for example, has been lauded as a driver of consumer spending. The sector also has a large amount of competition, mainly from China.
The same can’t be said of the agricultural sector. A series of prolonged droughts and a lack of government initiatives have resulted in a decline in productivity. A recent project supported by the World Bank aims to improve rural infrastructure.
The Philippines remains a developing economy. Its average per capita income is significantly lower than its developed counterparts. Despite this, the country has managed to attract domestic and foreign companies to its sands.
Good Distribution Practices (GDP) rules cover how pharmaceutical items are stored and moved.
Medicinal product distribution is one of the critical areas of regulatory focus for global regulators. To address this issue, several guidelines have been developed. Many pharmaceutical manufacturers have already developed modern quality systems. A quality policy and procedures are included in these documents.
GDP guidelines provide specific requirements for wholesale distributors. It ensures that the right medicines reach the correct addressee satisfactorily. It also promotes the safety of products in the supply chain. It can help eliminate the quality gap between export and domestic markets and help to reduce counterfeiting. It also provides an effective recall procedure.
A Responsible Person (RP) is required to ensure that GDP is followed. They maintain documentation, inspect and monitor records, and ensure that all activities comply with GDP. A company with a manufacturing license may appoint an RP, and this person is responsible for product distribution.
Medicinal products are subject to inspection and certification by competent national authorities. The details of inspections and certification are detailed in the document: Compilation of Community Procedures for Inspections and Information Exchange prepared by the EMA/EU Commission.
GDP certification in Philippines will restore consumer confidence
Despite the recent decline in foreign investments, the Philippines is still one of the fastest-growing economies in Southeast Asia. It was the second-largest ASEAN state after Vietnam in terms of GDP expansion last year. The country’s economy relies heavily on domestic consumption, and there are still many opportunities for the Philippines to emerge from its long-term lockdown.
The country’s recovery can be accelerated by adopting the Corporate Recovery and Tax Incentives for Enterprises Act (CRTEA), which rationalizes fiscal incentives. It is also possible for the country to return to its pre-pandemic consumption-driven economy, a strategy that could help restore consumer confidence.
One way for the Philippines to do this is to inoculate Filipinos. The country has a small supply of vaccines and needs to devise a strategy to roll them out. It also needs to focus on the frontline workers in Metro Manila.
Inoculating Filipinos will also allow the country to create more employment. The Philippines’ digital economy is primarily driven by micro, small, and medium enterprises, and these enterprises will benefit from this initiative.
