The Philippines is seen as one of the markets that will lead printing growth in Southeast Asia, which is poised to become the global production center for the industry over the next four years, a global printing company said.
“Within Epson, the Philippines now ranks No. 3. It came out from No. 4 last year,” said Shaun See, general manager for commercial and industrial partners at Epson Singapore Pte Ltd.
“It is also showing strong growth rate at No. 2, next to Indonesia,” See told reporters on the sidelines of a product launch here on Thursday.
Sector-wise, the local market will see more growth in the textile and garments segment than signage printing and proofing. Similar trends could also be seen in Southeast Asia this year.
Textile and garments, driven by markets such as Cambodia, Bangladesh and the Philippines, is targeted to grow 30 percent, the signage business by a fifth, while proofing could end up flat.
“By 2020, we are seeing the business to grow to $49 billion…, 54 percent of this revenue will come from Asia, up from the current 46 percent,” See said separately in a presentation during the product launch.
For fiscal year 2016, which begins in April, for instance, Epson’s operations in the Philippines are targeted to grow 18 to 20 percent. This was after an expected 27-percent in the previous period that will end this month. See did not disclose exact figures.
Source and image: Philstar