The Philippines’ textile industry is struggling as a result of the country’s economic crisis and its growing trade deficit with the rest of the world.
But the Philippines is also one of the best places to invest in the global textile industry.
This week, Globe And Moore will examine how the Philippines can better equip its textile industry with modern technologies, such as microfibers, to reduce the time needed for the textile to grow and to increase the profits it generates.
The Philippines has traditionally relied heavily on imports to produce its textiles, and the textile industry employs some 6 million people, more than half of them women.
The Philippine government recently introduced an international trade agreement with Bangladesh, which has created a number of opportunities for the Philippines to strengthen its position in the textile market, including the creation of more skilled workers, increased productivity, and improved quality.
The country is also the world’s sixth-largest importer of textile products, accounting for $30 billion in goods exports in 2015.
The trade agreement provides for preferential treatment for Filipino textile companies that want to import textile products from Bangladesh.
This will allow them to save on tariffs and import duty payments, as well as to lower the cost of production and the price they pay for each kilogram of textile.
As a result, Filipino textile producers will be able to invest more in their factories and increase productivity, boosting profits and increasing their market share.
But to truly capitalize on this opportunity, the Philippine government needs to take the right steps.
This article was produced by the Globe and Moore Institute for Sustainable Development, a non-profit organization dedicated to advancing the understanding of sustainability.