Expo to help exporters turn inventories to cash

CEBU, Philippines – Around 80 exporters will participate in next month’s Exporters Expo in Cebu to be spearheaded by the Department of Trade and Industry (DTI-7) to help exporters unload their inventories and convert them to cash.

DTI-7 regional director Asteria Caberte said this event slated on August 23 to 27 at the SM City Cebu (Atrium) is part of the agency’s effort to help the ailing export sector amid the weak market interest in the global landscape.

“We are helping exporters to unload their inventories and convert them to cash, so that they move and slowly accept trickle of orders from their foreign clients,” Caberte said.

She added that this is also an opportunity for the local market to avail of the world-class furniture products at very affordable prices.

Latest government figures show that the furniture export industry suffered the steepest decline in revenues of US $51.21 million last April although it managed to keep its rank as the country’s fifth largest export.

Cebu, the furniture export capital of the Philippines accounting for about 60 percent of monthly exports, is feeling the brunt of the global financial crisis with foreign orders steadily declining.

According to Caberte the government through DTI has to help the exporters in different ways in order to survive, organizing the Exporters’ Expo is just one of the efforts being implemented by the government.

Caberte said aside from furniture products, the Exporters’ Expo will also showcase world-class products such as fashion accessories, gifts-toys-and housewares, among others.

The four-day exposition is expected to attract buyers from the local market, including those out-of-towners, and also tourists.

The furniture manufacturers in Cebu started to tap the domestic market in order to survive but focus is on selling to institutional customers, such as hotels, resorts, restaurants, and big residential consumers.

This is the first time that the government has extended its hand to invite exporters to join the Exporters’ Expo and allow retail market to avail of the export quality products to be sold in a “wallet-friendly” prices.