Garment industry sees retrenchments

  • 📰 manilabulletin
  • ⏱ Reading Time:
  • 24 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 51%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The continuing global economic slowdown is expected to displace a maximum of 10 percent of the 280,000 estimated total workers in the apparel, textile, garments, and leathergoods industry in the country.

Marites Jocson Agoncillo, executive director of the Confederation of Wearable Exporters of the Philippines , said during a virtual press briefing that 3.5-4 percent of workers have been temporarily retrenched, including the 4,000 from five garment firms in Cebu.

Aside from the global economic slowdown, Agoncillo cited disruption in global supply chain, labor cost, access to raw materials, logistics and compliance risk issues. This is the reason that customers and brands have to take a conservative posture and cut back and cancellation of order projections. Brands and buyers would rather move their existing inventories in the stores. “This is what we are up against when orders are canceled midstream,” she said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 25. in İE
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lotilla asks energy companies to learn lessons from SMC-Meralco supply dealsThe Department of Energy said Monday the power industry should learn from the fixed-rate contract signed by Manila Electric Co. and San Miguel Corp. that led to challenges because of the volatile fuel prices. READ:
Source: MlaStandard - 🏆 20. / 55 Read more »