At the sidelines of the two-day Philippine Economic Society meeting held at the Bangko Sentral ng Pilipinas, De La Salle University economist Ponciano Intal said Filipino businessmen should start considering making products for the Chinese market.
"East Asia is doing well so there must be a re-orientation of exports towards East Asia," Intal said. "The US market is not as critical."
According to the data from the National Statistics Office, the United States remains the largest consumer of Philippine exported products with almost 20 percent of the country’s total exports bought by American consumers.
For his part, Raul V. Fabella, dean of the University of the Philippines School of Economics said the exporters must likewise re-consider their exports from manufactured goods to agricultural products.
"There will be hallowing out of manufacturing in the Philippines because of Chinese manufacturers. They have to move to a niche area to survive," Fabella noted.
However, he said the country can take advantage of the growing demand for food in China.
"The Chinese market will be needing agricultural products and a lot of food," he said.
Unfortunately, Fabella noted that the country has failed to take advantage of the situation by exporting food and agriculture products to China.
"We haven’t been able to get our act together in terms of agriculture," Fabella pointed out.
According to him, the country has lost so much opportunity. "We have to get our act together in food production especially in high value products like fruits."