Global firms turn to local market to survive

CEBU, Philippines - The current global economic crisis has prompted global companies to look towards the local markets to maintain sales level and sustain their operations.

In a 10-day trade show dubbed as “Global Goes Local Expo,” Cebu-based companies composed of exporters, importers, and sub-contractors are consolidating their efforts to cultivate local sales.           

The trade show opened on Labor Day, May 1, and will last until May 10 at the SM City Cebu Trade Hall, according to Crinnovent Corp.’s Jodie Lynn Soontit in an interview.

Soontit said businesses in general are hardly making a sale during these times of difficulty as consumers are now being very meticulous in their spending.    

“We did this show after subcontractors contacted us since they have been experiencing slow sales because their exporter clients have been getting slow orders. They wanted to dispose of their excess inventories from the first quarter of this year to the local market,” said Soontit.

She added that considering that exporters have four seasons for collection and seeing the need for exporters to manage their expenses at the height of the crisis, the organizers of the show are looking forward to making it an annual event.

“After the season, they can sell their overruns to the local market through the trade fair so this way they can still make up for slow sales in their global operations,” said Soontit.

She said that the show will run for 10 days to create exposure for the varied showcased products as well as to enable each individual exhibitor to gain ample sales that can sustain their operations.

The show hosted around 40 companies from the Luzon, Visayas, and Mindanao area and 20 of which are subcontractors who are supplying to export companies for global demand.

Wylie Chavez, Crinnovent’s creative director said, “just because there is an ongoing economic crisis, it doesn’t mean businesses should just curl up and hope to ride out the worst of the storm.”

“Now is the time to be creative, and to actively seek out new opportunities. We are hopeful that this show will not just be about sustaining sales, but about expanding their markets,” he added.

Export products that are showcased at the exhibit include native crafts, gifts, toys, housewares, furnitures, and fashion accessories while import products include garments, novelties, and home furnishings.

While most exhibitors come from Cebu, the expo has also attracted the interest of businesses based in Luzon and Mindanao and they brought in their famous batik products as well as native accessories and furnitures.

Chavez said that like Cebu-based exporters, these exporters from Luzon and Mindanao also believe that the Cebuanos continue to be a strong consumer market in the local level despite the current economic crisis. — Rhia de Pablo