MANILA, Philippines – The country’s garments and hard goods manufacturers expect their export earnings to grow by at least five percent this year to $1 billion, the Philippine Exporters Confederation Inc. (Philexport) said
Quoting the Foreign Buyers Association of the Philippines (FOBAP), Philexport said the growth would be fueled by the operations of new foreign companies in the country as well as the ASEAN economic integration.
FOBAP president Robert Young said some 20 manufacturers of soft goods, hard goods as well as food products, are looking to invest around $50 million and employ 5,000 workers in the country.
“After the election, we see a lot of investors coming in due to the new administration…it will somehow give them encouragement to do business here,” he said.
Although some buyers may delay buying decisions until after elections, Young said he believes the successful holding of the Asia-Pacific Economic Cooperation (APEC) meetings in the country could offset concerns over the election results.
“The APEC meetings will have some good impact, recall impact to the buyers. This is a very big plus factor for the foreign buyers to come back and it is some sort of reminder for them that we are still in the map,” he said.
Young also said more buyers are expected to come into the country given that the Asean economic integration took effect officially this year.
“This Asean integration will be an eye opener to the local manufacturers how to compete globally. They will understand now that their products should be priced as such, otherwise they cannot sell,” he said.