Now that the dollar has regained some of its value (against the Philippine peso), exporters should be happier compared to what they were a few months ago. The two years of continuous decline experienced by some sectors should have been arrested by now.
One way for companies to become more competitive in this time of increasingly globalized economy is to sell products and services that cannot be provided by their competitors. An example of that is jewelry, which derives much of its value upon artisanship. Taking it a step further, exporters of fashion jewelry can use materials that are indigenous to their country in order to prevent the entry of duplicate products. In so doing, one not only makes it difficult for his competitors to come in, profits are also optimized. And with profit being maxized, the industry becomes more resilient to price increases.
That precisely, is the case of customized jewelry products from the Philippines that is known for its intricate design, skilled craftsmanship and exotic materials. The industry hasn’t folded despite the 20% decline in the US dollar during the past couple of years. And despite industry fears, it is bound to remain within the next few years.