The local herbal medicine industry is set to soar in growth, according to industry experts.
The health products industry is anticipating increased demand and knowledge of health and wellness products.
Lito M. Abelarde, Chairman at the Chamber of Herbal Industries of the Philippines, Inc. (CHIPI), spoke of the changes: “The demand from people in the Philippines and the whole world for natural wellness products is unstoppable. Even the pharmaceutical companies are going to it now.”
President at CHIPI, Albert M. G. Garcia expressed his agreement, and believes the international health and wellness industry is heading through promising developments.
“Globally, there is an undoubted global interest in preventive healthcare,” Mr Garcia explained.
“We are in advanced stage of negotiations to export to Thailand and Indonesia.”
The industry group is clearly keen to explore all avenues for expansion in the global market.
Mr Abelarde revealed how only 10% of sales are from export, but plans are afoot to increase this figure: ”We will become a major supplier of the world’s requirement. We are a tropical country so we can grow many plants all year round.”
The local natural herbal industry is of benefit to all, including smaller business, according to industrial officials.
“It is an industry where even small farmers and entrepreneurs can participate and the value of their output is high compared if they will just plant traditional crops,” Mr Abelarde continued.
Companies must ensure their products pass regulations set by the government.
CHIPI currently consists of 70 member companies, which range from manufacturers, suppliers and distributors to scientists and service providers.