Market analysis of sanitary faucet manufacturers exporting to the Philippines
Posted on April 01 2022
The Philippines is a member of the association of Southeast Asian nations. In order to achieve the economic development goals, ASEAN countries strive to build an ASEAN economic community by the end of 2015 and are increasing the construction of infrastructure projects. Driven by strong domestic demand and investment, the Philippine economy will continue to maintain high-speed growth 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 Philippine economy grew by 7.8% in the first quarter of this year. At present, the Philippines is the fastest-growing economy in East Asia. The stock market is booming and the currency is strong. International rating agencies are optimistic about the Philippines. The contribution of Philippine consumers to economic growth in the previous quarter continued to lead, helping to offset the adverse impact of weak exports. Strong government spending on infrastructure has also helped to consolidate economic figures. In the first half of the year, the GDP of the Philippines increased by 7.6% year-on-year, higher than the target of 6.0-7.0% growth in 2013. As a result, Philippine assets outperformed other countries. The Philippine Peso has fallen in recent days, but less than the Indian rupee, Indonesian rupiah and Malaysian Ringgit. The yield of 10-year Treasury bonds in the Philippines has declined, while the cost of attracting funds in other countries is rising.
According to the data of the Philippine national data office, due to the growth in the demand for residential and office space brought by economic development, 27931 construction projects in the Philippines were approved in the fourth quarter of last year, with a year-on-year increase of 13.5%, which led to the growth in the sales of sanitary products such as sanitary brand manufacturers in the first quarter of this year. 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. In 2011, it replaced India and became the global leader of offshore telephone service center. However, the Philippines lacks the foundation of manufacturing industry, so there are not many local factories producing bathroom products such as bathroom brand manufacturers in the Philippines. Many bathroom brand manufacturers and brands in the Philippines are looking for bathroom factories to do OEM.
China has three plumbing bases, namely Nan'an in Fujian, Kaiping in Guangdong and Zhejiang. Nanan plumbing base has a very mature industrial chain. Many factories have many years of OEM experience in exporting Sanitary Ware brands. Through standardized production, production costs are reduced. YOROOW sanitary faucet manufacturer has many years of experience in OEM for Philippine sanitary brand manufacturers, and has a variety of products in the mainstream market in the Philippines.
The Philippines, an emerging market, undoubtedly has a huge market space for Chinese bathroom faucet manufacturers. Therefore, many domestic bathroom brand manufacturers, factories or foreign trade companies reduce their investment in the market costs of Europe, America and other countries and transfer them to the Philippines to develop customers.