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Monday, March 14, 2005
Ways to save garment firms
MANILA—Threatened by a Chinese tsunami of exports to the developed world in a quota-free era that began this year, the garment industries of smaller countries in Asia, including the Philippines, can only be saved by internal reforms, foremost of which are sound fiscal management and clean government.
This was the conclusion of a group of garments industry experts from the threatened countries during a conference last year. The Asia Foundation put together and released this month the conference results.
From Bangladesh and Laos to the Philippines, the first and best solution the experts suggested was for the governments of the threatened industries to set up a sound fiscal policy and clean their governments.
As a stop gap measure for the garments factories, the experts suggested they seek refuge in special economic zones where they get insulated from anti-business policies in the rest of the economy.
Governments must also modernize their ports, roads and railway and telecommunication systems to speed up imports and exports. Third to be addressed is the reduction of costs, including the review of labor laws that may no longer be relevant in a quota-free era.
And last is for the threatened countries to initiate bilateral talks with their chief markets to swing preferential and tax-free export of garments. (Philexport News)
(March 14, 2005 issue)
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