Department of Foreign Affairs building. (File photo from the Philippine Daily Inquirer)
CAMBODIA–Philippine-made consumer goods are expected to increasingly flow into the Kingdom as a result of rising Cambodian purchasing power, an announcement from the Philippine Department of Foreign Affairs (DFA) on Tuesday said.
“With a young and dynamic population and increasing purchasing power, the Cambodian market presents great opportunities for Philippine companies seeking to grow their business presence and market reach in the region,” the statement said.
The announcement came following a meeting between CYS Pharma – the largest importer and distributor of Philippine foodstuffs in Cambodia – and the Philippine Ambassador to Cambodia, Christopher Montero.
Rising purchasing power
CYS Pharma reportedly told Montero that they plan to import more Philippine-made goods into the Kingdom as a result of improved living conditions and rising purchasing power in the Cambodian market.
Montero said in a press release that the Cambodian market offers great opportunities for Philippine companies seeking to grow their business presence and market reach in the region.
“It is important for the Filipino community in Cambodia to patronize Philippine-made consumer goods as it will, in turn, encourage their Cambodian friends to sample quality, yet affordable products,” he said.
Approximately 50 Philippine companies are registered in Cambodia, including Cebu Pacific, Liwayway Food Industries, Unilab, San Miguel Beer and Jewelmer, among others.
There are also more than 2,500 Filipinos working in the Kingdom in a variety of roles, including factory workers, teachers, technical and skilled workers, managers, engineers and service staff.
Cambodian economist Dr. Teng Delux told The Post on Wednesday that increased importing of foreign goods will benefit Cambodian consumers as it will increase the variety of products available, lowering their cost.
However, Delux stressed that Cambodian entrepreneurs should make efforts to boost local production too in order to also take advantage of rising Cambodian purchasing power.
“With growing annual per capita income, Cambodia is now becoming a market for Asean countries to expand their products and market share.
“But we should find a way to collaborate with foreign companies to set up production in our country to produce goods for local consumption. Doing this, we can reduce imports of finished products and increase local production to create more jobs for Cambodians,” he said. /jpv