The Philippines achieved a historic milestone in 2023 as the total exports of goods and services reached USD 103.6 billion, marking a remarkable 4.8% increase from the recorded export performance of USD 98.83 billion in 2022. However, this falls short of $23.2 billion below the 2023 target outlined in the Philippine Export Development Plan (PEDP).
Director Bianca Pearl Sykimte of the Export Marketing Bureau (EMB), concurrent Executive Director of the Export Development Council (EDC), reported that the Agriculture and Agri-Based Exports sector reached 6.6%, surpassing the 2023 target of 5.1%. Similarly, the ambitious target for the Transport Products also demonstrated significant growth, breaching 5.4% in 2023, exceeding the expected target of 4.2%. Continue reading Philippine exports surpassed $100 Billion in 2023
ARISE Plus Philippines led the workshop on optimizing the Authorized Economic Operator (AEO) Program for Bureau of Customs Readiness, focusing on advanced supply chain and logistics principles to raise awareness among economic operators.
The Information Technology and Business Process Association of the Philippines (IBPAP) President Jack Madrid raised the ongoing challenges posed by the inconsistencies in local government rules. These laws and regulations show varying and inconsistent interpretations in few cities. He noted that the Local Government units (LGUs) may have differing procedures for renewing local business permits, with some even requiring employees’ health certificates.
The Department of Finance (DOF) Secretary Ralph Recto reported that the Philippines is the fastest-growing economy in the Association of Southeast Asian Nations (ASEAN) leading it to the top (5.6%) based on the actual Gross Domestic Product (GDP) Growth Performance of ASEAN in 2023. Sec. Recto presented that the global growth will be led by Asia’s powerhouses for the next decades, notably by the Philippines. Contributing to this is the massive growth of the transportation and storage, construction, and financial services.