PHILEXPORT Seeks Revival Of Philippine Textile Industry
The Philippines must revive its textile industry following global supply chain disruptions during the novel coronavirus outbreak, which cut off its garment industry from imported raw material, according to PHILEXPORT textiles, yarn, and fabric trustee Robert M Young, who recently said the country is the only one without a textile industry. The Philippine Exporters Confederation, Inc. (PHILEXPORT) is the umbrella organisation of Philippine exporters.
The Philippines cannot continue to rely on imports and must attain some degree of self-reliance in textile production, he said in a webinar. Orders of garment and apparel from retailers will reduce by half and 50-70 per cent of recent orders have been cancelled by buyers, he said.
The Philippines should continue its negotiations for free trade agreements (FTA), especially with the United States, he said “Selected goods such as garments, apparel, wearables can enter the USA tax-free, meaning we will have more business. Foreign buyers will be buying more from Manila because they will be paying zero tax,” he was quoted as saying by a Philippine newspaper report.