Upbeat property market benefits furniture makers

CEBU, Philippines — The upbeat real estate sector in the Philippines is seen to benefit the local home furnishing industry.

The Canadian advisory and research firm Colliers Philippines sees a resurgence of local furniture manufacturing as condominiums and hotels are being built and these would need furnishings in high volume.

“Colliers sees more opportunities in the home furnishing segment,” said Joey Bondoc, Colliers Philippines research manager.

In fact, international furniture brands like the Swedish furniture-maker IKEA are making its strong entry to the fertile furniture market in the Philippines.

The government’s plan to further open retail trade to foreigners, also gives local furniture manufacturer’s a heads up to compete head on.

According to Bondoc, Cebu is the main target for penetration in the Philippines of foreign furnishing brands due to exciting market outlook for home furnishing and sustained real estate growth, despite it is the center of furniture exports in the country.

Bondoc said the home furnishing competition will be emphasized in a more interesting way in Cebu specifically as the province is known for its fine and export-quality home furnishing making.

On the other hand, Department of Trade Industry (DTI-7) regional director Asteria Caberte said that aside from the vibrant real estate the furniture industry in Cebu thrives in the growing domestic and tourism markets also. (FREEMAN)