CEBU CITY—Cebu furniture exporters are pinning their hopes on new markets, particularly in the Middle East and in Russia, to cushion the effects of a reported US recession and the strengthening peso.

Cebu Furniture Industry Foundation (CFIF) president Eric Casas said the $100-million annual industry is hoping to penetrate the Russian market, which he said is very “promising.”

“Design-wise, our products will really stand out in Russia. We are top-of-the- line there, comparable with products from Italy,” Casas told reporters.

CFIF is preparing for a “leaner but more significant” Cebu International Furniture and Furnishing Exhibition, or Cebu X, next month.

Expo chairman Laurie Boquiren said the event will have its biggest Russian delegation ever, underlining the vast interest of the new  economic powerhouse nation on the Cebu’s high-end furniture creations.

So far, 75 Russian furniture buyers have registered online for the Cebu X event— a number which organizers are hoping to double on the event dates itself, from March 6 to 9. “We don’t hear of Russia before. Now they’re here and they are very interested. That is really something,” Boquiren said.

Although there will be less exhibitors in the event this year, Boquiren said the biggest players like Maitland-Smith and Dedon will be joining, signifying the two company’s support for the industry.

“The lean times are the best time to beef up your marketing,” Boquiren said.

Boquiren attributed the refusal of some firms from joining the expo to declining sales due to the strengthening peso and the declining demand in the US. Nationwide and local furniture export figures have been in the negative in 2007, she said.

“After the subprime woes, less people in the US bought homes. That means less demand for furniture,” Boquiren said.

Casas said the “triple whammy” on the industry is the increasing prices of raw materials, like wood and rattan.

Cebu furniture, which target mostly high-end US markets, comprise close to half of the Philippines’ annual production.

Boquiren said, however, that the US is still a huge market, considering most of the Cebu-made furniture are catered to the high-end market.

THE government has secured a $300-million Asian Development Bank loan that will help local government units (LGUs) pursue financing and budget reforms, President Arroyo announced Wednesday.

CEBU CITY—Cebu furniture exporters are pinning their hopes on new markets, particularly in the Middle East and in Russia, to cushion the effects of a reported US recession and the strengthening peso.

FEED millers are asking the Department of Agriculture (DA) to consider the suspension of tariffs levied on alternative raw materials used for making animal feeds to help them cope with the increasing cost of corn both in the local and international market.

ZAMBOANGA CITY—Agriculture Secretary Arthur Yap led the inauguration of a P33-million Zamboanga del Norte corn postharvest processing and trading center, which is expected to raise production of the grain in the province by as much as 10 percent and farmers’ incomes by as high as 50 percent.

INDEPENDENT think tank Ibon Foundation said there is a possibility that the government will resort to more taxes this year to address the fiscal crisis and ensure that it can continue its debt-servicing efforts.

THE national government is still liable for the loan obligations of the National Transmission Corp. (Transco) for existing loans secured prior to Transco’s privatization.

It’s Valentine’s Day and as such, men would try to impress women by taking them out on dates to upscale restaurants where great food, ambience and service are expected.