Chinese fabric firm mulls moving to Philippines

• Aug 19, 2019

MANILA, Philippines — A Chinese firm engaged in the manufacture of yarns and fabric is looking to set up shop in the Philippines, the Department of Trade and Industry (DTI) said.

Trade Secretary Ramon Lopez met with representatives from Texhong Textile Group Ltd. in China last week and the company discussed its interest to invest in the Philippines.

Lopez said the company is currently in the study phase and has yet to finalize details including the amount of investment to be made.

“Nothing final yet as to timing. But they’re serious,” he said.

Texhong Textile is among the biggest suppliers of cotton textile in the world.

It is engaged mainly in the production and distribution of quality yarn, grey fabrics and garments fabrics of high-value added core-spun yarn and fashion cotton textile.

At present, it serves over 3,000 customers in China and overseas.

The firm has operations in China and Vietnam, and also has a sales network across China, South Korea, Hong Kong and Bangladesh.

The Philippines expects to benefit from the investment, when it pushes through, as the country wants to revive the garments and textile industry.

Considered as among the top performing sectors in the 1990s, the Philippines’ garments and textile sector has been challenged, leading to closure of some factories and reduction of jobs, after the World Trade Organization put an end to the quota system which allowed the country to export garments and textiles at preferential tariffs in 2005.

Source: https://www.philstar.com/business/2019/08/19/1944560/chinese-fabric-firm-mulls-moving-philippines#dPpUW7OGf05oRwxJ.99