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FOBAP notes rising Philippine garment exports to China
07 Sep '18
1 min read
Philippine garments exporters expect $250 million worth orders from Chinese buyers this year that will generate up to 3,000 jobs, according to the Foreign Buyers Association of the Philippines (FOBAP). This is because Chinese importers have turned to the Southeast Asian nation due to its competitive labour rates and export-facilitating initiatives.
According to FOBAP president Robert Young, the trend is a result of the US-China tariff war. Regional rivals have increased their minimum wages, resulting in higher manufacturing costs, A Philippine business daily report quoted Young as saying.
Young said his FOBAP members have already secured $150 million worth of purchase order from China and look forward to adding $100 million by December.
He particularly cited the signing of Ease of Doing Business law that has attracted more foreign buyers. (DS)
According to FOBAP president Robert Young, the trend is a result of the US-China tariff war. Regional rivals have increased their minimum wages, resulting in higher manufacturing costs, A Philippine business daily report quoted Young as saying.
Young said his FOBAP members have already secured $150 million worth of purchase order from China and look forward to adding $100 million by December.
He particularly cited the signing of Ease of Doing Business law that has attracted more foreign buyers. (DS)
Fibre2Fashion News Desk – India
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