Garment exports seen rising

MANILA, Philippines - Outlook for foreign demand for Philippine garments and hard goods is rosy next year, with the country’s revenues projected to grow 30 percent to $500 million.   

Robert Young, president of the Foreign Buyers Association of the Philippines (FOBAP), said there has been resurgence in demand for these products from the United States, Europe and some Asian countries.

“(Thus) next year’s 30-percent increase (in sales) is very modest, it can increase actually. The inquiries never came two to three years ago but now, there so much inquiries that are coming in. Inquiries are indicative of the increased business next year,” he said.

Young said they are now making product samples which will be sent to buyers for approval or to correct defects.

He was hopeful that the Philippines would receive more orders due to the rising cost in China and as the US suspended some of the trade benefits for Bangladesh over factory conditions.

Li & Fung Philippines, a member of a global supply chain manager Li & Fung Group and the biggest member of FOBAP in terms of volume, expects to corner about half of FOBAP’s total $500 million projected revenues next year.

Berd Alba, company vice president for Operations Support Group, said export sales of garments are expected to account for 85 percent of the expected $260 million revenues.