PH eyes chunk of $3T global wellness business
Industry players in the hospitality and wellness sector need to work closely with the government to capture opportunities in the global wellness industry, Philippine Exporters Confederation Inc. (Philexport) said in a statement.
The global wellness sector is seen to grow to $3 trillion by 2015, the industry group said.
Philexport cited Rashmi Tolentino-Singh, chairperson of the Hospitality and Wellness Industries Furnishers and Service Providers Association Inc., when it said that individual companies cannot launch their products in the global markets themselves and that the Philippines as a national brand needs to have a strong presence.
“There has to be cooperation among government agencies and the private sector for us to be able to enter the global arena because the other countries are already very developed,” said Tolentino-Singh.
She said most local companies, especially the micro and small ones, have no capacity to supply huge volumes to the local and foreign markets.
While the global prospect is promising, the Philippines has taken “a little stride” toward production, development and standardization, except for virgin coconut oil products, she added.
“We really need to partner with the government … so that we will know what to produce, how to produce and eventually where to sell,” Tolentino-Singh noted.
She said this would involve the trade, tourism, agriculture, and science and technology departments of the government.
Singh earlier identified products with huge export potential, such as aromatherapy products, massage tables, essential oil, supplements and personal care products.
She said the biggest export markets for these products are the United States, all of Europe, and even Asian countries like Japan, Korea, Thailand and Vietnam.
“Herbal preparations, be it non-food or food, has become a global trend. They like herbal preparations, they like to eat healthy, they like to put healthy things on their skin and so on,” she explained.—Riza T. Olchondra
