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Foreign garment firms shift from China to Philippines
12
Mar '12
Soaring cost of labour in regions situated along China's southern coast are persuading major foreign investors, especially garment producers to invest in Philippines, Gregory Domingo, Philippines Trade Secretary, said.

He revealed that investors who are shifting or considering relocation to Philippines include overseas garment units, which are winding-up their operations in China.

China, which became the world's inexpensive sourcing base post 1980s economic liberalization is now struggling with mounting wages and production costs, which have made it less favourable for certain overseas producers.

While not revealing the identity of the firms, Mr. Domingo said, a big garment firm which had moved from Philippines has returned to the country, while another firm is seriously considering returning to Philippines.

Likewise, Japanese investors are also showing great interest in acquiring land in Philippine export processing zones, he said.

Addressing a Government economic briefing, Mr. Domingo said this year by now the country has seen record number of investor fact finding missions visiting the country.

During the initial nine months of 2011, the country attracted foreign direct investment (FDI) worth 87.3 billion pesos or US$ 2.04 billion, which is a bit higher than previous year's 79.4 billion pesos or US$ 1.85 billion.

As stated by Socio-economic Planning Secretary Cayetano Paderanga, backed by a rise in infrastructure expenditure and a more effective budget spending, the country's economy is expected to grow at a rate of five to six percent this year.

However, the Trade Secretary expects the Filipino economy to achieve a seven percent growth rate this year, backed by a sustained positive rally on the stock exchange coupled with vigorously growing exports, outsourcing industry, investments and tourism.

Fibre2fashion News Desk - India

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