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Manila, Han Sung-kyu (Newsimpact) - This summer, the Philippines hosted the 3-day "Gyeongbuk Excellent Product Fair," held at the Holiday Inn & Suites Hotel and Glorietta Mall in Manila. Organized in collaboration with the Gyeongsangbuk-do Economic Promotion Agency, the event drew 30 small and medium-sized enterprises (SMEs) from South Korea to the Philippines. It marked the largest Korean exhibition held within the country.
Korean companies participating in the event secured contracts worth $15 million through 123 consultations, while local visitors flocked to purchase Korean products worth $18,000.
The promotional exhibition held on the second day attracted an average of 2,500 visitors daily, with a total of over 5,000 Filipino attendees throughout the event. This highlights the tremendous popularity of the fair. Since its inception in 2012, the Gyeongbuk Excellent Product Fair has seen 205 Korean companies participate and secure contracts totaling $857 million. This year marked the event's tenth anniversary.
According to company representatives, Filipino buyers expressed significant interest in Korean food, consumer goods, and cosmetics.
This follows the prominent display of Korean companies' products at the 2023 International Food Expo held at the World Trade Center in Manila last May.
Companies such as S&W Solution, SFC Bio, Bitrosis, Aquans People, DJT, Goryeo Foundry, Hwadam Food Industry, Goryeo Nature Food, and Samkwang Food participated in the event, where they explored potential buyers and prepared for official market entry into the Philippines. These Korean firms showcased various Korean products, including health functional foods like probiotics, omega-3, vitamins, as well as cultured ginseng products, yuja tea, aloe tea, and other honey-based items.
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Visitors were particularly fascinated by innovative Korean technology and equipment, such as ultrasound fryers, which are relatively uncommon in the Philippines.
The Philippines International Food Expo regularly invites a variety of international food companies to participate in the annual exhibition. It also conducts promotional activities for the best food brands and manufacturers in the Philippines, hosting a 3-day food festival during the event.
The revenue from the Philippine food market is expected to reach $13.18 billion in 2023, with an annual growth rate of 7.6%. The largest segment within this market, accounting for $4.11 billion, is the bread and cereal products sector. Filipinos prefer convenient meals like bread, cereal, and biscuits. Furthermore, it is estimated that 2.1% of total sales in 2023 will be generated through online sales.
Despite being less known, the Philippines has maintained an average annual economic growth rate of 5-7% over the past decade. As of 2022, it is Korea's 11th largest export destination. With a population of nearly 120 million, the Philippines has more than twice the population of South Korea and is known for its youthful demographics, with a strong drive among its youth for economic activity.
Filipino workers are actively engaged worldwide, and their spending power is substantial. Witnessing Filipino youth consuming Korean food, watching Korean dramas, and listening to K-pop music, there is growing optimism about the potential for Korean products to thrive in the Philippines.
By Han Sung-kyu, Correspondent in Laos
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