In an attempt to revive the ailing local garment industry, the Textiles Development Board (GTDO) started to draft a 5-year Garment Plan which should attract more players in the garments industry.
The garments industry is considered one of Philippines’ industrial success stories, with export of over $3 billion in 2000. However, the Philippines have in recent years experienced a decline in exports.
In response to this decline, the Textiles Development Board is drafting a 5 year garments plan in order to strengthen incentives for foreign investments and the promotion of Philippines textile and garments sector.
Interestingly, in order to open up new markets, the promotion is much more focused on entering into trade agreements, especially with the US and EU, than optimizing marketing.
Besides the many years of experience within the garments industry, the further drafting of the 5 year plan can be interesting for Danish companies within the garments business who are thinking of expanding their activities to Asia or are looking to invest in the Asian market.