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F&B and its packaging sectors represent 25% of country’s GDP. The current administration wants to improve its competitiveness on regional and international markets and is heavily investing in Research & Development of those sectors, to achieve target export value of $122-130 billion USD in the incoming 4 year period. That investment will mostly go towards upgrading machinery, which presents great opportunity for international suppliers.
With the Philippine plastics market expected to witness a CAGR of 6.11%, during 2018 – 2023 and the packaging applications accounting for the highest market share with more than 48% in 2017 – packaging units consumed in 2018 reached 65.8 billion units and the packaging sector is predicted to maintain amazing CAGR growth of 13% that it experienced in last 4 years.
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