CFIF eyes financial help from a European agency

The Cebu Furniture Industries Foundation Inc. (CFIF) is now eyeing over a million euro financial aid from a European agency to keep the struggling industry afloat.

CFIF, a business support organization of the world-class furniture makers in Cebu, is currently negotiating with this European financial institution to strengthen its design development program and to compete with the world head-on.

CFIF president Eric Vincent Casas said that if this financial support will finally be approved, qualified CFIF members will be able to avail of design development technical programs, with focus on eco-friendly manufacturing thrust.

“With the contraction in the industry right now, a lot of changes in paradigm will be implemented. We have to create products that will use largely our indigenous materials,” Casas said.

Aside from this upcoming over a million euro support, CFIF is also waiting for the release of P4 million grant from the government’s Export Development Fund (EDF) program, that will aid the P7.5 million Product Development program that will be implemented by CFIF starting this year.

The EDF is a special monetary support facility, initiated by the Bangko Sentral Ng Pilipinas (BSP) for exporters to sustain their operations, amid the rising value of the peso against the US dollar. A total P280 million had been made available to support the entire export industry in the Philippines, through the Export Development Council (EDC).

“We have to strengthen our niche with creativity and design. It’s the main asset that we have which is difficult for other countries to duplicate,” said CFIF executive director Ruby B. Salutan.

According to Salutan furniture companies have to pre-qualify and apply to the CFIF in order to avail of series of design enhancement program of the organization, because commitment is very important.

Although the European agency support will also be geared towards funding the same agenda, she said the P7.5 million Product Development program is a separate initiative.

Part of the program that will be implemented under the EDF sourced money will be training and consultancies, international trade fair participation, among others.

The details of the program will be formulated upon the formalization and the approval of the CFIF’s grant application, Casas said.  – Ehda M. Dagooc