Malaysia sees the Philippines as a key market for furniture and furnishings even as it eyes more collaboration on halal, agriculture, and digitalization.
Dato Abdul Malik Melvin Castelino bin Anthony, ambassador of Malaysia to the Philippines told reporters at the opening of the Philippine Furniture Furnishings Market, his country has the ability to deliver original equipment manufacture for export markets.
He said Malaysian companies have the raw materials and can produce and design good quality furniture and furnishings that are sustainable at competitive prices.
The Philippine furniture and furnishing market is growing 8 percent annually reaching $829 million in 2022.
Revenues from Malaysia have reached $71 million in 2022, making the Philippines that country’s 8th largest market.
Malaysia can help develop the Philippines’ halal industry where it has expertise, especially for Mindanao.
The ambassador said Malaysia can also help develop large scale plantations and smart farming in the Philippines through mechanization.
These could include plantations for palm oil, durian and coconut,
Malaysia is the world’s 11th largest exporter of furniture with US and Japan as top markets.
