Economic nationalism boosts local industries

CEBU, Philippines -  Cebuano businesses are urged to patronize locally-made products and services in order to achieve much higher economic growth, and at the same time, boost local industries specifically starting entrepreneurs.

Glenn Soco,  president of Coffee Dream, said that economic nationalism should be one of the priorities  of local businesses, giving importance to sourcing local products versus imported ones.

Soco also urged Cebuano consumers to choose Cebu-made or locally-developed products over imported or those manufactured outside Cebu to boost economic growth within the province.

“Only few foreign brands (including Manila-based) do well in Cebu because aside from the competitive products we have here, the Cebuano market is price sensitive. We both consider high quality and value for money,” said Soco, who is also a board member of the Mandaue Chamber of Commerce and Industry (MCCI).

According to Soco, one of the critical factors that contribute to the higher growth of local economy is the sense of “nationalism.”

If Cebuanos patronize local brands over imported, the money they pay will circulate within Cebu.

Even if  Cebuanos are already known for their strong patronage of  local brands, there is still a need to intensify this advocacy so that a culture of economic nationalism will reach to all sectors such as retail, food, and services areas.

“It’s so hard to compete with the multinationals because they have the size. But if we will also give a fair share to local players then we would be able to strengthen their footing in the business and become competitive,” Soco said.

There is no wrong in bringing imported goods in the country as it is an exercise of free enterprise but Filipino businessmen should also protect and promote the country’s own brands and concepts, Soco stressed.

He added that the sense of economic nationalism of neighboring countries like Japan, Korea, and Thailand has helped grow their local economy as they don’t buy any foreign product that competes with their own.

On the other hand, Soco is also urging operators of retail facilities  like shopping malls to give priority to the local players, specifically starting entrepreneurs who have good business concepts, by providing them cheaper rental cost or rent discounts.

Given the right support by private and local government, Cebuano local players can become major contributor in Cebu’s fast growing economy, Soco said. (FREEMAN)