Philippine goods set for Kingdom
PHILIPPINE-made consumer goods are expected to increasingly flow into the Kingdom as a result of rising Cambodian purchasing power, an announcement from the Philippine Department of Foreign Affairs on Tuesday said.
“With a young and dynamic population and increasing purchasing power, the Cambodian market presents great opportunities for Philippine companies seeking to grow their business presence and market reach in the region,” the statement said.
The announcement came following a meeting between CYS Pharma – t he largest importer and distributor of Philippine foodstuffs in Cambodia – and the Philippine Ambassador to Cambodia, Christopher Montero.
Rising purchasing power
CYS Pharma reportedly told Montero that they plan to import more Philippine-made goods into the Kingdom as a result of improved living conditions and rising purchasing power in the Cambodian market.
Montero said in a press release t hat the Cambodian market offers great opportunities for Philippine companies seek ing to grow t heir business presence and market reach in t he region.
“It is important for the Filipino community in Cambodia to patronise Philippine-made consumer goods as it will, in turn, encourage their Cambodian friends to sample quality, yet affordable products,” he said.
Approx imately 50 Philippine companies are registered in Cambodia, including Cebu Pacific, Liway way Food Industries, Unilab, San Miguel Beer and Jewelmer, among others.
There are also more than 2,500 Filipinos working i n the Kingdom in a variet y of roles, including factor y workers, teachers, technica l and sk illed workers, managers, engineers and ser v ice sta f f.
Cambodian economist Dr Teng Delux told The Post on Wednesday that increased importing of foreign goods will benefit Cambodian consumers as it will increase the variety of products available, lowering their cost.
However, Delux stressed that Cambodian entrepreneurs should make ef forts to boost loca l production too in order to a lso ta ke advantage of rising Cambodian purchasing power.
“With growing annual per capita income, Cambodia is now becoming a market for Asean countries to expand their products and market share.
“But we should find a way to collaborate with foreign companies to set up production in our countr y to produce goods for loca l consumption. Doing this, we can reduce imports of finished products and increase loca l production to create more jobs for Cambodians,” he said.
The Philippine Department of Foreign Affairs says the Cambodian market presents great opportunities for Philippine companies seeking to grow their business presence and market reach in the region.