Real estate boom offers opportunity for furniture sector

MANILA, Philippines - The domestic market offers huge business opportunity for the furniture industry owing to robust demand in the real estate sector.

This was stressed by property firms in a seminar during a recently held trade show.

“While we know that our exports market, which the furniture (sector) is big part of, is hurting due to global economic situation and strong peso, the local consumption is growing and will continue to grow. That’s our belief, ” said Emilio Tumbocon, Ayala Land senior vice president and head of Construction. 

He cited other economic indicators suggesting extended growth horizon. These include the increasing remittance, the robust business process outsourcing market and the low interest rate regime.

Tumbocon said his company continues to grow yearly with new brands, new locations and new project concepts.

“We hope the furniture industry can ride this wave. There is a market; the furniture industry continues to have customers,” he said.

Ronaldo Elepaño, DMCI vice president for Global Business Development, said furniture makers should design products that fit the size requirements of their property units.

 “You have to come back to your design to fit in the sizes of the units. If you really want to penetrate the local market, you do something in that effect,” he advised. “I hope when we visit our developments (projects), we would see your furniture and not from other countries,” he added.

For his part, Philippine Constructors Association executive director Manolito Madrasto urged furniture industry players to study the domestic market.

“It is a matter really of understanding the market, how to deal with them and how to be able to work with them,” he said.