CEBU, Philippines - As Philippine exporters are encouraged to explore other markets while the United States and Europe are still suffering from the lingering effects of recession, Cebuano exporters are taking a step ahead and eyeing the wealthy market of Brunei Darussalam.
"We cannot simply overlook this market especially that we are soon going into an integrated market in 2015 through the Asean Economic Community," Escalona said.
According to Escalona, although Brunei has only 412,2398 total number of population, its market value is huge.
"The market (Brunei) is expanding. In fact, as of last year, their total trade value to the world increased by 36.4 percent or $19.3 billion with Korea, Australia and Japan as its major trading partners," Escalona said.
He cited the country's potential to market more wearable goods to Brunei including fashion accessories, which Cebu is particularly well known for.
"We can also export processed food products and furniture and furnishings to Brunei," he said.
"We can also export processed food products and furniture and furnishings to Brunei," he said.
Recently, Department of Trade and Industry Bureau of Domestic Trade (DTI-BDT) director Rodora Leano also called exporters to exploit the rich Brunei market.
In 2001, the Philippines' export to Brunei was only US$6.23 million while it imports US$5.05 million.
According to Leano, exporters can promote their products in Brunei by displaying their goods in a showroom at the Philippine Embassy in Bandar Seri Begawan in Brunei Darussalam every last quarter of the year.
DTI-BDT identified products with huge potential in the Brunei market are wearables such as fine costume jewelry, semi-precious stones, shoes, bags, fabrics, furniture and home furnishings.
"It (showroom) must be a 'go to' place that people will want to visit because they know they can see attractive and unique products and they can place orders for these products there," she said.
The contents of the exhibit will be changed every quarter to encourage more buyers to return to the Embassy, she said.
"The Embassy will provide assistance by taking note of buyers' orders or give the appropriate referrals to the manufacturers of the products that are on display."
Leano hopes that the Embassy's program will start by the last quarter this year adding that they are now in the midst of discussing with Philexport strategies to help promote the idea to the manufacturers and exporters. /JOB (FREEMAN)