ASEAN integration to benefit PH-Fobap
The Philippines needs to boost its competitiveness and the capability of its local industries by modernizing production activities to fully benefit from the huge opportunities of the economic integration by the Association of Southeast Asian Nations (ASEAN).
As the country hosts the ASEAN Leaders' Summit this week, Foreign Buyers Association of the Philippines (Fobap) president Robert Young said modernization involves digital process production.
"Garments, footwear and apparel and others are now being manufactured by updated foreign factories by robotics and using digital process, for faster, more accurate turnover and less manpower labor cost," he said.
Young said companies also need to provide globally compliant working place to gain competitive advantage in the ASEAN region.
"Globally compliant is adopting to the importation rules and regulations of the foreign buyers abroad. Each country has now implemented that all goods entering their country were not made by child labor, not in a sweat shop, drug-free factory, practicing environmental waste management, etc.," he said.
Young listed other imperatives for success in ASEAN economic integration, including adequate infrastructure, industry-friendly financial program, and competitive energy and labor costs.
"Philippines has still pending mustdo in the plate," he added.
Young believes that ASEAN's liberalization, facilitation and cooperation measures can help shape the current economic condition of each country member.
ASEAN groups 10 countries – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
"Therefore it is boon for those who have attained improved, cohesive and adapted fundamentals which are ready to the challenges of the integration. And it is bane for those who are not," he said.
ASEAN established the AEC Economic Community (AEC) in 2015 with the goal of allowing the free flow of goods, services, investments and skilled labor, and the freer movement of capital across the region. (Phlexport News & Features).
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