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Philippine's garment exports to double

Over the next two years, Philippine's garment exports and other merchandise goods are expected to double to $1.5 billion. This is due to rising demand from two of the country’s biggest markets, Europe and US. The Philippine Exporters Confederation Inc (Philexport) said that Philippines’ inclusion in the generalised system of preferences (GSP) buoyed renewed interest for local goods in the two key markets and forthcoming economic integration in the Association of Southeast Asian Nations (Asean) region.

President of the Foreign Buyers Association of the Philippines (Fobap), Robert Young, says now they are embarking on a social compliance awareness programme to enable local manufacturing industry to cash in on growing export opportunities. There is a need for socially-compliant factories, or those that maintain lawful, safe and respected working conditions with no negative impact to the environment.

He mentioned that they wanted to improve labourers’ conditions and also Philippine’s economic conditions. Young says exporters would have to comply or move out because of tough competition as soon as the Asean integration comes into effect. It would be borderless trade and competition is limitless as far as price, quality and design are concerned.

As per GSP programme, duties would be eliminated on almost 5,000 types of goods when imported from 122 designated beneficiary developing and least-developed countries and territories, which also includes the Philippines. The programme aims to promote economic development by taking these steps.

 
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