Gibo promotes local goods to hasten economic recovery
SENATE candidate and former Defense secretary Gilbert “Gibo” Teodoro encouraged companies to find local sources while Filipino consumers were urged to patronize Philippine-made products to sustain the country’s recovery from the pandemic.
In a statement, Teodoro said buying local supports domestic sectors, which is now crucial to counter the spillover effects of the ongoing conflict between Russia and Ukraine.
Amid the Russia-Ukraine clash, he noted that global trade now faces disruptions and prices of commodities in the international market are rising.
“We just started to fully open our economy after the series of lockdowns due to previous surges in Covid-19 cases. However, we are not spared from the economic impacts of the ongoing conflict between Russia and Ukraine,” Teodoro said.
“This could counter our recovery efforts. [But] being a consumer-driven economy, we can cushion the impacts of global trade disruptions and higher commodity prices in the world market by finding sources and alternatives of the raw materials or products that we use from local enterprises and farmers,” he added.
Teodoro, who has vast experience in both the private and public sector in various capacities, said that with the increasing prices of commodities in the world market, prices of products produced by local industries can now compete with imported products.
“By sourcing from local businesses, we support their growth. And when they expand, they invest in their capacities to improve quality and become more competitive in order not to lose their market,” the former Tarlac representative said.
“This is how we can support each other as we hurdle threats of slower economic recovery due to the ongoing conflict outside the country,” he added.
Earlier, Teodoro urged the government to boost its funding on programs for capacity building of the country’s micro, small and medium enterprises (MSMEs) to help them improve product quality while creating economies of scale.
Through these initiatives, he said products made in the Philippines will be known for its good quality and competitive prices.
Teodoro also supports mandating government agencies to procure a certain percentage of their needs from local sources.
“We should advocate among consumers the economic benefits of buying local brands. If we support our local micro, small and medium enterprises, they will flourish and expand,” he said. “They (MSMEs) will create more livelihood opportunities and jobs for Filipinos.”
Teodoro, who ran and lost in the 2010 presidential elections, is ending his 10-year political hiatus by running for senatorial seat under the People’s Reform Party in the May national elections.