Economic integration is set to give the printing industry in the Philippines a lift.
The Philippines printing industry is set for a boost following economic integration with the Association of Southeast Asian Nations (ASEAN). Trade in the printing industry is set to increase owing to lower tariffs, capital restrictions, and entry barriers, the Manila Times reports.
Governor of the Board of Investments, Napoleon Concepcion, said that the regional bloc’s members should be able to standardise the quality of goods and services, allowing them to complement, rather than compete with, one another. However, he also warned that integration would lead to a larger number of industry players, and consequently stiffer competition.
Concepcion also noted that Southeast Asia’s predominantly youthful population of 600 million meant that it was a “potentially lucrative market opportunity” for printing companies.
“With the printing [sector] on a positive growth path, we should be aware of opportunities and challenges,” he explained, so that companies can take advantage of “the potential for bigger revenues and employment for our respective economies.”
He also noted some of the challenges faced by the industry in the region, such as the inadequate investment in new technology, the rise of digital media, and “people not wanting to read anymore.”
Concepcion continued: “Clearly, it is important that we understand that it is only through a positive and cooperative strategy that we can ensure that our individual countries, and the [ASEAN printing industry overall], will remain relevant and competitive in a rapidly evolving market.”