Food trade generates $100 M export sales
The export promotions arm of the Department of Trade and Industry (DTI) has generated approximately $100 million in export sales and P56 billion in domestic sales from its recent food trade show.
In a statement, the Center for International Trade Expositions and Missions (CITEM) said the initial sales generated from the three-day IFEX Philippines in Pasay City are still expected to increase.
It said the food trade show welcomed nearly 6,000 local and foreign buyers and visitors from all over the world.
“More than 300 Philippine exhibitors showcased thousands of premium Philippine food products at the event,” DTI-CITEM said.
CITEM deputy executive director Ma. Lourdes Mediran said IFEX Philippines 2022 is designed to be a site of reunion and rediscovery where Philippine food companies and international buyers can reaffirm their partnerships and make new connections.
Visitors of the food trade expo came primarily from the Philippines, the US, United Arab Emirates, Japan, and Australia, according to CITEM.
Meanwhile, Trade Undersecretary Ireneo Vizmonte reiterated DTI’s commitment to the food sector.
Vizmonte also acknowledged the global factors that affect the country’s economy, saying these conditions require sustainable and inclusive government response.
He explained that science, technology, and innovation are essential in building a competitive economy and will be central to DTI’s work under its current leadership.
“The goal is to grow and develop globally competitive and innovative industries that support inclusive growth and improve environmental sustainability and the quality of life for Filipinos,”Vizmonte said.
He explained that one of DTI’s priorities is the digital transformation of MSMEs and the growth and development of startups.
Through innovation and digitalization, DTI aims to double its efforts to upgrade and scale MSMEs in order to improve their productivity growth, employment creation, and participation in global value chains.
Trade Assistant Secretary and OIC of DTI’s Trade Promotions Group Glenn Peñaranda highlighted the programs that help MSMEs boost their competitiveness in the global market.
These programs include capacitybuilding like the Philippine Trade Training Center ’s (PTTC) Global MSME Academy; export assistance programs like RIPPLES; and market access platforms like CITEM’s signature programs and participation in overseas trade fairs.
“The Philippines is one of the most exciting destinations for quality food exports, but with stiff competition from our neighbors, and other drivers such as climate change and health crises, we must continuously adapt and reassert our place in the market,”Peñaranda said.