MANILA, Philippines - Manufacturers of local garments and hard goods are bullish on the growth of their exports this year as they seek to tap into more markets in Southeast Asia.
Robert Young, president of the Foreign Buyers Association of the Philippines (FOBAP), said his group expects export earnings to rise two to five percent this year from $1 billion in 2016.
“We will be tapping new markets especially now that the ASEAN economic integration is already in place. We started with the US and then Europe and some parts of Asia. For the past 40 years, we have been successful in penetrating these new markets. So now the point of concentration will be the ASEAN,” Young said.
He said Young, ASEAN currently comprises only five percent of the group’s markets, while the US corners the bulk or 70 percent, and Europe and other countries such as Canada and Australia (25 percent).
“We want to increase this by another five percent. Eventually, we will be increasing it five to 10 percent every year. You can really see the growth area will be in the ASEAN now,” he said.
FOBAP’s merchandise includes apparel, footwear, fashion accessories, furnishings and furniture, wood products, and other gift items.
Apart from tapping new markets, the group is also working on improving the standard of products for exports.
“We will try to innovate and somehow accelerate the speed of the production so we will be at par with the other ASEAN countries,” Young said.
He said the group would seek a dialogue with the government for some subsidy.