The Department of Trade and Industry (DTI) has stated that Philippine exports of goods and services need to grow by 40 percent to reach the target of over PHP140 billion in export revenues for 2024 under the Philippine Export Development Program (PEDP).
The DTI-Export Marketing Bureau (EMB) director, Bianca Sykimte, acknowledged that the country’s export performance in 2023 is expected to fall short of the target due to uncertainties in the global market.
Government data shows that merchandise exports from January to November 2023 declined by 8.4 percent compared to the same period in 2022. However, services exports during the first three quarters of 2023 saw a significant increase of 28.4 percent.
Despite the challenges, Sykimte expressed optimism that total exports, including both goods and services, grew by 5 percent in 2023, surpassing the average growth rate of previous years. She also mentioned that the 40 percent growth target for exports in 2024 would be challenging but believed that export revenues could still increase by 10 percent based on market projections.
The Philippine government aims to boost the country’s export sector and transform it into an “export powerhouse.” The PEDP has set ambitious targets for export growth, to reach $240.5 billion in total exports by 2028.
Efforts to achieve these targets include promoting transparency, enhancing market access, and encouraging the participation of local companies in export activities. The DTI remains committed to supporting the growth of the export sector and ensuring the competitiveness of Philippine products and services in the global market.
Source: PhilNews24 | January 11, 2024
