The Philippines’ second-largest economy, with more than 6 million people, has seen its industry and retail exports shrink in recent years due to the effects of a global economic slowdown, but the country’s handicraft sector is still booming, according to the Philippines’ handicraft markets website, handicraftmarket.com.
The Philippine National Development Council (PNDC), which is responsible for the countrys development, announced the results of its first survey of the country´s handicraft and retail trade in December.
The PNDC said that in 2017, the Philippine market contributed about 7.5 per cent of gross domestic product (GDP) to the country, which is about the same share as Germany and France, the two biggest economies in the world.
The Philippines also ranked seventh out of the top 20 countries in the World Bank´s World Inclusive Growth Index, which ranks nations on the basis of how quickly they reduce inequality and achieve the Millennium Development Goals.
A decade ago, the Philippines was ranked third among the top 10 countries in terms of the number of people living in extreme poverty.
But the economy grew from an average of 2.6 per cent in 2016 to 4.5 percent in 2017 and 7.6 percent in 2018.
With the increase in demand for handicraft products, the PNDCC said in its annual report that the market was expected to increase by another 3.6 to 8.4 per cent annually in 2021.
“The Philippines is an emerging market and its economy is growing at a much faster rate than other emerging markets,” said Raul Gonzalez, president of the Philippine Federation of Trade Unions (PFTU), which represents handicraft producers in the country.
“Its manufacturing base has also grown to a huge extent.”
Gonzalez said that the PFTU is optimistic about the growth prospects for handiccrafts, which include apparel, clothing, and shoes.
“The handicraft export market is growing, and it is going to grow even more,” he said.
“We have more to offer and we have more opportunities than the market can handle.”
Gripe, which has been in the handicraft trade for over 100 years, has about 7,500 employees, making it the largest handicraft production company in the Philippines.
Gripper, which owns and operates some 2,000 handicraft stores, employs about 2,500 workers.
The company has a long history of providing handicraft services to the Philippine community, said Gino Garcia, vice president of Gripe.
Grisp and the PNC have been in business together for more than 20 years, and the company has been growing steadily for the past decade, Garcia said.
“I am sure that our products will continue to be good for the Philippines for years to come,” Garcia said, noting that the company will continue its work to develop and expand its business.
According to Garcia, Gripe and PNC will continue in business in the future, adding that the two companies are working together to ensure the quality and quality of the goods they produce.
For the second year in a row, Gripper earned a Top 10 ranking in the PNWI, which evaluates countries on the development, competitiveness and social impact of their industries.
Grisper earned a PNWIE ranking of 8.0 in 2017.
In 2017, Grippers sales increased by 4.6% over the same period a year earlier, with the increase offsetting a decline in the price of goods, Gripples annual report showed.
There was a 5.5% decline in gross domestic products (Gdp) generated by the handicrafters sector, as a result of the global economic downturn, and an overall contraction in the number and quality-of-life indicators.
Even with the drop in handicraft exports, Gripers sales increased, despite the fact that it is facing a high risk of a slowdown in its domestic economy due to climate change and other factors.
As a result, Grips sales fell in 2017 by 1.4%, as compared to the same time last year, and as a whole Grippers revenue fell by 1% compared to 2016.
While Grippers growth slowed, the company saw strong growth in handicap sales.
The Philippines ranked fourth among the Top 10 countries for the number, and gross domestic output (GPP), a measure of the economic performance of the economy, grew by 5.4% in 2017 from 2016.
Gripes gross merchandise value (GMV), a more accurate measure of economic performance, rose by 2.7% to PUS2.9 trillion (US$1.2 trillion) in 2017 compared to PPP1.4 trillion (PUS2 trillion), while its exports grew by 7.7%.
Grippers sales growth is due to a number of factors