Philippines and Malaysia can collaborate in the manufacture of furniture pieces with the former contributing its world-renowned design capability and the latter with its manufacturing expertise, urged Malaysian Ambassador Dato Abdul Malik Melvin Castelino bin Anthony.
THE FURNITURE INDUSTRY IS BACK ON THE TRACK -- The first-ever Philippine Furniture Furnishings Market, an international trade and B2B event showcases top quality furniture and home décor at the SMX Convention Center, Pasay City on July 5, 2023. Ongoing until Friday, July 7, 2023, PFFM also presents furniture from Malaysia, Thailand and China. In photo to open the PFFM (from left) are H.E. Dato’ Abdul Malik Melvin Catelino bin Anthony, Ambassador of Malaysia in the Philippines, Ms. Jo Teh, Derrisen - PFFM Organizer, Ms. Michelle Dee, Miss Universe Philippines 2023, Ms. Krishnah Gravidez, Miss Charm Philippines 2024, and Chief Peter Eric D. Pardo, Chief of Staff - Office of the City Mayor, Pasay.(Photo by Ali Vicoy)
At the opening Wednesday, July 5, of the first ever Philippine Furniture Furnishings Market (PFFM), the ambassador said both countries can collaborate in the furniture furnishing industry citing the synergy in terms of materials sourcing and capabilities.
“Philippine design is world-class” said Malik while Malaysian firms can provide their manufacturing expertise.
At present, Malaysia ranks 11th world largest furniture exporter and the Philippines ranked its 8th biggest market. In 2022, Malaysia’s furniture exports to the Philippines reached $71.5 million.
Among its big markets are US, Europe, Japan, Australia and India. Their furniture exports include chairs, tables, home furnishings and office furniture. Malaysia is also promoting a lot of ESG (Environmental, Social, Government) in the furniture industry to ensure sustainability of their products.
In the case of Malaysia, they have the resources like wood and their big manufacturers have the capability to do OEM (original equipment manufacturers) based on the requirements of the customer.
He also stressed the need for Malaysian furniture manufacturers should position themselves in the Philippine market given the country’s gross domestic product (GDP) growth target of 6-7 percent.
The Philippine furniture market is placed at $829.2 million and is projected to grow 8.12 percent from 2023 to 2027.
“So, with increased GDP this automatically trigger improvements in most sectors, including construction,” he said. Consequently, he said, there will be increases in expenditures, especially furnishings for housing. “The housing market is booming so am very confident, the Philippines is poised for growth, and we hope to grow our exports exponentially,” he added.
With improved ease of doing business in the country, he expects the Philippines to grow in the next five to ten years.
Other areas of potential cooperation between the two countries are in the halal and agriculture industries.
“We have to build a halal ecosystem in the Philippines, especially for Mindanao,” he said citing Malaysia’s expertise in the halal industry.
In agriculture, he said that Malaysia has the expertise in terms of plantation and smart farming. Malaysia is looking at palm oil plantation, durian, and coconuts.
“We are trying to develop the local plantation industry,” he said adding that Malaysian plantation is engaged in sustainable farming and the mechanization of its agriculture sector.
Malaysia is also into digitalization, he pointed out adding that the Malaysia Digital Economy Corporation has a presence in the Philippines and is looking to increase collaboration with local stakeholders.
Meantime, the ongoing PFFM is expected to attract at least 8,000 trade visitors, including furniture and furnishing importers, wholesalers, distributors and agents, retailers and department stores, online retailers; interior designers and decorators, architects, developers and real estate companies; and hotel, resort , and restaurant managers.
PFFM is organized by Derrisen Sdn Bhd. in partnership with the Association of Purchasing Managers of Hotels and Restaurants of the Philippines; Hotel and Restaurant Association of the Philippines, Philippine Hotel Owners Association, Philippine Retailers Association, United Architects of the Philippines, Subdivision and Housing Developers Association, and Manila Fame by CITEM.