Furniture makers forecast 15-20% revenue growth this yr

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THE local furniture industry is projecting a 15 percent to 20 percent increase in domestic sales this year on the back of strong demand fueled by a booming property market.

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“Exports, in fact, are really booming, but most of the big exporters are really busy on the local market because of the hotels. It is a good thing that the big hotels are now considering the capability of the local producers,” Myrna Bituin, trustee for the furniture sector of the Philippine Exporters Confederation Inc. (PhilExport), said in a statement on March 3.

The construction of more condominiums and residential projects is driving growth in the furniture industry while hotels are also being refurbished by local furniture makers, particularly those located in Manila, Pampanga and Cebu, she said.

On the export market, she said industry players are eyeing opportunities in new areas for expansion, particularly in the Asean region, Japan and the Middle East.

The industry generated export revenues of $343 million in the first 10 months of 2016 as against $380 million for the whole of 2015.

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