Friday, April 12, 2024
HomeNews & ViewsBusiness FocusPhilippines plans to revive its textile and garment industries

Philippines plans to revive its textile and garment industries

The Philippines intend to revitalize its industry in textiles and apparel. It is also intended to bring an end to the influx of apparel imports that compete with domestic manufacturers from North America and Europe. Other strategies include better integrating the garment and textile sectors, earmarking capital and land to increase production, encouraging the purchase of new equipment, providing fiscal incentives to manufacturers through lower value-added taxes and reduced power rates, tackling infrastructure gaps and logistical bottlenecks, investing in product development and marketing, incorporating loom weaving into the school curriculum and cleaning up the textile value chain by requiring the registration of chemicals and substances. The corporate tax rate will be lowered from 30 per cent to 20 per cent over the next ten years.

The goal is to place the Philippines as one of the top 10 global textile and clothing exporters with 45 per cent annual export growth. These year’s fashion export earnings would be down. Since every cloth, garment, and accessories item is imported, the Philippines has no local source or back-up industries. Actually almost all of its clothing production is halted due to delayed raw material deliveries from China, Korea, Taiwan and other Asian countries.

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