Exporters urged to invest more in the local market

While opportunities for exports are tempting, local companies are urged to invest further in the growing and promising local market.

Mandaue Chamber of Commerce and Industry (MCCI) president Stanley Go reminded local businesses anew to strengthen their hold in the local market, and if possible set aside plans to focus on exporting, as the Philippines alone, with its growing tourists and expanding middle class can already provide healthy growth for a company.

Go, who is the vice president of sales and marketing for Virginia Foods Inc., said that the Philippines' growing population, supported by good economic backbone is a sustainable market for local companies. In fact, some foreign players are already making their presence in the country.

“We have a big population. We can improve our inclusive sourcing,” said Go adding that business can grow even if it only focuses on strengthening its local turf.

“We have young population and their disposable income increases.

This in itself is a big opportunity for us to capitalize,” he underscored.

While it is also good to look at other markets like that of the ASEAN, it is important to build a stronger hold in the local ground this days, as consumers are constantly bombarded by new and imported products which prices are also much competitive.

In the food segment alone, Go said demand continues to grow despite the threat of high inflation, specifically last year.

He reiterated that while going exports is good, companies should not make local market a second priority.