The Board of Investments (BOI) still believes that the country’s garment exports can recover despite a decrease in shipments during the first four months of the year.
The agency has released P13.64 million for two local garment factories that export to the United States, Australia and South America. In a statement, the BOI said that the move is to “increase export sales of the garments sector,” as the industry’s export revenues for January to April this year declined by 12 percent to $546.90 million, compared to the $621.70 million during the same period last year.
One of the beneficiaries—H&S Inc.—is a Rizal province-based export producer of children’s clothes that produces 31,200 dozen of dresses annually. Getting P9.64 million, the company is seen to produce additional 150,000 dozen of garments to be exported to the United States and South American countries. On the other hand, 12 Industries Manufacturing Inc. will invest P4 million for its Bulacan-based facility making children’s dresses, and boy’s shirts and shorts. The firm is slated to start operations by August this year with a production target of 25,000 dozen of garments for export to the US and Australia.
The expansion of the two firms will generate a total of 285 jobs.
In 2012, the National Statistics Office recorded a drop in the country’s export sales of garments by 17 percent to $1.57 billion from 2011’s $1.89 billion.
Kristyn Nika M. Lazo