Apparel exports seen to hit $1 B next year - FOBAP

The country's apparel exports are projected to reach the $1 billion mark in 2025, thanks to an expected boost from the free trade agreement (FTA) with South Korea anticipated to take effect in the first quarter.

- LOUELLA DESIDERIO

Foreign Buyers Association of the Philippines (FOBAP) president Robert Young said in an email that the group, which sources products for foreign buyers, is hoping apparel exports may reach $1 billion next year.

"We believe the FTA will attract (South) Korean players to set up manufacturing facilities in our ecozones where they can enjoy tax holidays and other investors' benefits," Young said, citing incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.