Local Designers Market Share in Phillipines (Essay Sample)

LOCAL DESIGNERS’ MARKET SHARE IN THE PHILLIPINES
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Local Designers’ Market Share In the Philippines
The design industry is always a topic that attracts much attention from people all over the world. Designing has become so familiar that many people think that it is just a fashionable and sophisticated style. However, life in many economies of the world, and in this context Philippines, is controlled by the design industry. In spite of thus, many people fail to realize its impact. In Philippines, the design sector plays a significant role in the economy, especially regarding export and employment. The aim of this paper is to explore the local designers in Philippines textile and garment industry with the aim of investigating the size of their market share.
Philippine’s design and textile industry is one of the most important sectors of the country’s economy, both socially and economically. It provides employment opportunities and income, which contributes to better living standards to more than 320,000 local designers. Overall, the sector accounts for 11 percent of all jobs in the country. In the wake of the ever changing market environments, the sector has in the recent days been a center of attention seeing that its market share has declined over time to small percentages. The situation has been attributed to tougher conditions in the export trade coupled with the lack of enthusiasm to invest in new manufacturing technologies.
In reference to Philippine’s economic reports, the garment and textile industry underwent a rapid expansion to account for more than 20 percent of the market share in the 1960s and 1970s. However, the size of the market share has varied significantly over time. In 1997, the market share was 10 percent (Esho 2015). In 2005, the sector underwent a sharp decline to stand at 6.2 percent. In spite of this, the sector remained the second largest export income earne...