Binondo SMEs poised for growth as world's oldest Chinatown welcomes CNY

As the vibrant streets of the world's oldest Chinatown come alive for the Lunar New Year celebrations, small and medium enterprises (SMEs) in the Philippines' Binondo are set to benefit from a wave of festive activity and increased foot traffic.

Local entrepreneurs, particularly those selling lucky charms, are seeing a surge in sales as people flock to the area in the days leading up to the Lunar New Year, according to ABS-CBN.

The celebrations kicked off last week with a traditional prosperity tree lighting event in Plaza San Lorenzo Ruiz, as reported by government-owned Philippine News Agency. During the ceremony, Manila mayor Honey Lacuna emphasised Binondo's significance as both a cultural and economic hub.

"Through the centuries, this place has been the symbol of unity and cooperation amongst our Filipino-Chinese friends and has shown much influence, especially in the capital city's character, economy, trade, and industry," the first female mayor of Manila said, as livestreamed by the Manila public information office (MPIO).

The festivities this year include a fireworks display, a drone show, and a parade. Among the organisers are the Federation of Filipino-Chinese Chambers of Commerce and Industry and the Manila Chinatown Barangay Organisation.

In line with the celebrations, the MPIO has issued a traffic advisory on road closures, reported the Philippine News Agency. Motorists are advised to take alternative routes to ease congestion, which could increase foot traffic and visibility for local businesses.

Binondo, established in 1594, holds the distinction of being the world's oldest Chinatown. It has long been a hub for commerce, offering a mix of traditional Chinese goods and modern businesses. Many SMEs in the area have thrived by blending cultural heritage with contemporary consumer trends.

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Lunar New Year is a timely opportunity for small businesses to recover from pandemic-era setbacks. With tourists returning and local demand rising, Binondo is aiming to cement its reputation as a thriving economic and cultural centre.

For visitors, it's not just about shopping but immersing in a rich cultural experience. From trying traditional delicacies to participating in New Year rituals for good fortune, the Binondo experience is a testament to how heritage and commerce intertwine during this festive season.

As Binondo celebrates the Year of the Wood Snake, its SMEs are hopeful for a prosperous year ahead - starting with the biggest celebration of their calendar.

Meanwhile, nearby at Banawe Chinatown, the street is also being transformed into a vibrant cultural and commercial showcase, featuring a bazaar with 50 food and non-food businesses, performances, and a newly redesigned Chinatown district.

"Tsinoy" - the local term for ethnic Chinese in the Philippines - is estimated to number around 1.2 million, representing a small portion of the country's population, though millions more Filipinos are considered having some degree of Chinese ancestry.

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