Textile industry forecast exports rebound

Tuesday, November 25, 2014

Textile exports plunged since the 2008 financial crisis

Local textile and clothing manufacturers are expecting a change of fortunes in the forthcoming financial year since the country’s economy is showing signs of recovery from the global financial meltdown.

As one of the largest employers in the country, the textile and clothing industry has been seriously hit by the financial crisis, which led to exports dropping at a high rate and closure of some firms hence loss of jobs.

In an effort to breathe some life into the industry, the government budgeted over P20 million last year, to provide temporary assistance to support 34 textile companies, employing 2,912 workers.

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