The Philippines is aiming to be among the top 10 exporters of garments in the world by 2026 to 2029 under the newly rolled out industry roadmap to revive the textile and garment industry. The Philippines is targeting to achieve a 12.3 percent growth in garments exports per year. The industry is gaining advantage of the country’s abundance on indigenous Philippine fabrics such as abaca, piña, silk, and other fabrics coupled with the upgrade of technical expertise of workers.
FAVORABLE TRADE POLICY
The Philippines is the only ASEAN country that enjoys both of the US’s (GSP) and the EU’s Plus (GSP+) status, which grants full removal of tariffs to over two-thirds of tariff lines. As a member of ASEAN and WTO, the Philippines have ratified a number of regional free trade agreements to deepen economic integration in the region, including China (ACFTA), Korea (AKFTA), Australia – New Zealand (AANZFTA), Japan (AJCEPA), India (AIFTA) and European (EFTA).