Analysis of Sanitaryware Manufacturers' Export to the Philippines
Posted on April 02 2022
The Philippines is a member of the Association of Southeast Asian Nations. In order to achieve economic development goals, ASEAN countries are striving to build the ASEAN Economic Community by the end of 2015, and are increasing the construction of infrastructure projects. Driven by strong domestic demand and favorable investment factors, the Philippines' economy will continue to maintain a high growth momentum this year and next. 144 billion pesos will be invested in the construction of real estate, roads, schools and other facilities related to basic government services.
The Philippines ’economic growth in the first quarter of this year was 7.8%. The Philippines is currently the fastest growing economy in East Asia. The stock market is hot and the currency is strong. International rating agencies are optimistic about the Philippines. Filipino consumers continued to lead the economy in the last quarter, helping to offset the negative impact of weak exports. Strong government spending on infrastructure is also helping to consolidate economic figures. In the first half of the year, the Philippines ’GDP grew by 7.6% year-on-year, higher than the target of 6.0-7.0% in 2013. As a result, Philippine assets outperformed other countries. The Philippine Peso exchange rate has fallen in recent days, but the decline is smaller than the Indian rupee, Indonesian rupiah and Malaysian ringgit. 10-year Treasury yields in the Philippines have fallen, while the cost of attracting funds has risen in other countries.
According to the data of the National Data Office of the Philippines, due to the increase in demand for residential and office space brought about by economic development, in the fourth quarter of last year, 27,931 construction projects in the Philippines were approved, a year-on-year increase of 13.5%, which led to the bathroom brand in the first quarter of this year. Increase in sales of sanitary products such as manufacturers. It is predicted that the construction boom in the Philippines will continue this year.
The service industry in the Philippines still has a strong momentum of development. It replaced India in 2011 and became a global leader in offshore telephone service centers. However, the Philippines lacks the foundation of manufacturing, so there are not many domestic manufacturers of sanitary products such as sanitary brand manufacturers in the Philippines. Many Philippine bathroom brand manufacturers are looking for bathroom factories to do OEM.
China has three plumbing bases, namely Nanan, Fujian, Kaiping, Guangdong, and Zhejiang. Among them, Nan'an Plumbing Base has a very mature industrial chain. Many factories have many years of OEM experience in foreign trade export of sanitary brand manufacturers. Through standardized production, they reduce production costs. Youlai Sanitaryware has many years of experience in branding for Philippine sanitary ware manufacturers and brands. There are many products in the mainstream market in the Philippines.
The emerging market in the Philippines has undoubtedly a huge market space for Chinese bathroom brand manufacturers and foreign trade exporters. Therefore, many domestic bathroom brand manufacturers or foreign trade companies have reduced their market investment in Europe and the United States and other countries and transferred to the Philippines client.