All News

 

+989373755404

Call us for more information

Search
News

COVID-19: An Opportunity for Revival of Philippines Textiles & Clothing Industry

Textiles

After the outbreak of COVID-19, Philippines is upbeat that foreign buyers would continue to look at it as a source for clothes to be sold. And with the proposed passing of Corporate Income Tax and Incentives Rationalization Act (CITIRA) into law, new investments into the garment factories are expected to rise.

Philippines is a significant supplier of apparels all over the world. For the export earnings, the garment manufacturers of Philippines are looking at a flat growth this year as the COVID-19 pandemic has impacted the supply of raw materials for production. According to the Philippine Exporters Confederation Inc (Philexport), the export earnings of the garment manufacturers of the country have increased by 1 per cent only. According to data from the Philippine Statistics Authority, the country’s garment exports were valued at $906.289 million last year. Currently, the country’s apparel production has almost come to an end due to shortage of raw materials from China, Korea, Taiwan and other Asian countries.

Garment Player and Robert Young’s Opinion
Robert Young, trustee for the textile, yarn and fabric sector of Philexport and president of the Foreign Buyers Association of the Philippines, says that they don’t have domestic sources of fabric, textile and accessories. They are dependent mainly on the import of these items. After the outbreak of COVID-19, Young is upbeat that foreign buyers would continue to look at Philippines as a source for clothes to be sold. Players are also hopeful about new investments into the garment factories. Textiles and clothing manufacturers expect that investors would prefer the country once the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA) is passed into law.

CITIRA or the second package of the government’s tax reform programme would gradually bring down the corporate income tax rate to 20 per cent from 30 per cent, and rationalise fiscal incentives given to firms. He also said that the players expected more orders based on new factories with country’s advocacy on CSR (corporate social responsibility) and the improvement of the conditions of the factories. According to Young, US remained the country’s biggest market for garments this year. They also hope to add footwear and garments in the new US GSP that will come by December 2020. Currently, only the gift-wares are included in the US GSP.

provided by www.fibre2fashion.com

Other News

What is NeoShell Fabric
news

What is NeoShell Fabric

What is OutDry fabric
news

What is OutDry fabric

Angora wool fabric
news

Angora wool fabric

What Is Faux Leather Fabric?
news

What Is Faux Leather Fabric?

What is cashmere fabric?
news

What is cashmere fabric?

What is damask fabric?
news

What is damask fabric?

What is Elastane Fabric
news

What is Elastane Fabric

Lycra Fabric
news

Lycra Fabric

Silk Fabric
news

Silk Fabric

crepe fabric
news

crepe fabric

Doshi Levien designs Maya and Jaali fabrics for Kvadrat
news

Doshi Levien designs Maya and Jaali fabrics for Kvadrat

Jersey
news

Jersey

High hopes in fashion with Muslim Fashion Festival 2021
news

High hopes in fashion with Muslim Fashion Festival 2021

String Theory Launches Supersymmetry
news

String Theory Launches Supersymmetry

HBF Textiles Launches UP Collection by Kelly Harris Smith
news

HBF Textiles Launches UP Collection by Kelly Harris Smith

Simone Post combines hypnotic patterns with bubbles in wax-printed fabric
news

Simone Post combines hypnotic patterns with bubbles in wax-printed fabric

Textiles and Wellbeing: The New Normal
news

Textiles and Wellbeing: The New Normal

Fashion firms plan to create new job positions especially in the manufacturing and supply chain area: USFIA
news

Fashion firms plan to create new job positions especially in the manufacturing and supply chain area: USFIA

Gap Inc to close 225+ stores globally as sales continue to decline
news

Gap Inc to close 225+ stores globally as sales continue to decline

kim jones at Fendi Is a Fresh Coup for Italy’s Fashion Capital
news

kim jones at Fendi Is a Fresh Coup for Italy’s Fashion Capital

{"slide_show":3,"slide_scroll":1,"dots":"true","arrows":"true","autoplay":"true","autoplay_interval":2000,"speed":300,"loop":"true","design":"design-1"}

Leave a Comment