“Exporters want to be everything,” the main reason why they easily feel ill with the currency volatility and succumb to global market competition, said Samie Lim, president of the Philippine Chamber of Commerce and Industry.
Lim said exporters must learn how to share the opportunity with other people in business and focus on their core competency to survive the ever growing competition.
He added that the problems now faced by the exporters would have not been all theirs had they spread the opportunities to others.
When Lim said “everything” he was referring to the exporters’ businesses that involve manufacturing, importing, designing, logistics, warehousing, and number of others, the reason why problems also come their way aplenty.
“In order to be competitive, exporters must focus on their core competencies, if they are good in manufacturing, let them manufacture, and let other people do the designing, warehousing, and marketing,” Lim said.
“You can’t get rich while other people remain in average, depriving them of opportunities,” Lim said.
With regards to the strengthening peso, Lim said exporters cannot just blame the government. He said the exporters should instead work with the banks in coming up with precautionary measures to protect their businesses against currency uncertainties through hedging.
“The bankers have been announcing their facilities in hedging, why can’t they take advantage of that? Attack each problem specifically instead of wallowing and say ‘we are not competitive anymore,’ “Lim told exporters.
Lim believes that hedging is the ultimate solution to the exporters’ problem on currency today. This should not be considered as a “band-aid” solution instead.
“The dollar-peso problem is a question of working closely with the banking institutions,” Lim stressed.
He reiterated that exporters could have carried a lighter burden now, if they were able to outsource some of their business function, and work with other people.
Earlier, Cebu-based exporters through the PhilExport-Cebu planned to seek help from the government in protecting the export sector against the ill-effects of the peso strengthening. – Ehda M. Dagooc