$500-M Myanmar orders fly to Phl
Political turmoil in the ASEAN member brewed at the start of the month following the coup d’etat that resulted to the detention of State Counselor Aung San Suu Kyi and several political leaders.
Political tension in Myanmar following a military takeover has somehow provided a breathing space for the local garment industry which is buffeted by the effects of the pandemic.
Top international fashion brands have shifted to the country with an initial order of $500 million (P24 billion) this year, according to the Foreign Buyers Association of the Philippines (FOBAP).
The political turmoil in the ASEAN member brewed at the start of the month following the coup d’etat that resulted to the detention of State Counselor Aung San Suu Kyi and several political leaders.
According to FOBAP president Robert Young, the group will start transferring production orders to the Philippines, among other Asian countries, to provide a timely relief to the industry which forecast at least 10,000 to 20,000 additional jobs to be generated from the relocated orders.
FOBAP groups importers of Philippine products mainly from economic zones.
Deals from American brands
Young said buyers like Zeeman Europe, Walmart, TJ MAx USA and Hudsons Canada, among others, will be placing orders in Asia, as FOBAP has been securing rearranged garment and apparel production export orders and inquiries on a fresh buying import program in the past week.
Those brands, Young said, are seeking basic babies’ playwear, men’s athletic and sporting outfit, ladies’ dresses and intimate apparel.
“Rough estimates totaling to $200 million to date have been booked and FOBAP projects double in quantity in the coming three to four months. It’s (orders) there already, it’s being sized up already. It will be on the floor I think in about two weeks’ time on production because we have to wait for their fabric, as I said we don’t have fabric in the Philippines,” the FOBAP chief expressed.
Young said the expected $500 million worth of transferred orders have the potential of generating total exports of garments and hard goods of about $1.7 billion to $2 billion this year.
“With the pandemic still on, this is a big relief to the Philippines’ ailing textile and garments sector, since it translates to additional foreign revenue earnings, significant number of employment generation, and livelihood support. This will somehow snowball already because all the related industries will again be active such as transportation, packaging, food, so forth and so on,” he added.