Marikina Eyes Fast Growing Davao as Lucrative Market for City’s Shoes
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Mayor Marcy Teodoro said Davao City is a potential lucrative market for Marikina-made shoes and other products given its accelerating growth.
The two cities on Wednesday, June 27, signed a sister city agreement that will pave the way for their cooperation in the areas of tourism, culture, trade and commerce.
“The biggest opportunity that Davao can offer to Marikina is on trade and commerce. We need to open new markets for our shoe manufacturers,” Mayor Marcy said in a joint press conference with Davao City Vice Mayor Bernard Al-ag after the signing of the agreement.
“In Metro Manila, the market for the main product of Marikina has become very competitive because of the ASEAN integration,” Mayor Marcy said.
The Philippines and nine of its peers in ASEAN (Association of Southeast Asian Nations) have agreed to bring down tariff walls and lift restrictions on the movement of capital and labor, allowing a freer flow of goods, cash and manpower within the trade bloc, whose combined economies now ranked as the sixth biggest in the world and the third largest in Asia.
ASEAN, formed 50 years ago by the original five – Indonesia, Malaysia, Philippines, Singapore and Thailand – has expanded its membership to include neighbors Brunei, Cambodia, Laos, Myanmar and Vietnam.
Aside from ASEAN, Marikina’s shoe industry is also facing stiff competition from imported shoes from China.
Mayor Marcy said Davao could also serve as the gateway for Marikina’s shoe manufacturers to penetrate Mindanao.
Davao Region was the second fastest growing region in the Philippines in 2017 as its economy recorded a 10.9 percent growth, next only to the Cordillera Administrative Region, which expanded at a faster clip of 12.1 percent. Davao’s growth rate even bested the national average of 6.7 percent.
With a population of 1.7 million and an economy that’s expected to continue to grow in the coming years, Davao is indeed a very attractive market for Marikina’s shoes.
Mayor Marcy said small and medium enterprises based in Marikina will also benefit from the newly-forged sister city agreement with Davao.
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