At least nine multinational companies have expressed keen interest to put up textile or garment factories in the Philippines as part of their expansion plans to meet the growing demand here and abroad, especially as economies bounce back from the pandemic, the Philippine Exporters Confederation Inc. (PHILEXPORT) said.
Robert Young, PHILEXPORT trustee for textile, yarn and fabric, said the potential investors will conduct an ocular trip for assessment, to be followed by a project study. Young, who is also president of the Foreign Buyers Association of the Philippines (FOBAP) said the assessment period could be done before end this year.
Young did not identify the nine companies but said four are from Cambodia, three from India, and two from Vietnam. He said these companies indicated their intentions to invest in the Philippine garments and textile industry during their one-on-one business-to-business (B2B) meeting as part of the 54th Asean Economic Ministers Meeting and Related Meetings held in Cambodia last Sept.
11 to 18.
He said these planned investments are expected to generate about 9,000 jobs initially, and increase garments and textile exports by $500 million per year.
Young said an ideal textile fabric mill would have an investment of minimum million, while a garment apparel factory would be from 0,000 to 0,000.
