The Philippine Exporters Confederation, Inc. (PHILEXPORT), has set a more ‘realistic’ $110 billion target for exports in 2025, reflecting a more feasible approach given the current circumstances. In an interview, PHILEXPORT President Sergio R. Ortiz-Luis Jr. pointed out that, despite this goal, exporters are struggling to thrive, and they are ‘living through chance’ due to a lack of government support. This lack of budget for Philippine exporters has kept them from participating in international fairs and limited the support for product and export development and promotions.
Recalling Mr. Ortiz-Luis Jr.’s plea to achieve the 2028 export goal, the private sector is urging the government to leverage the PEDP to secure additional funding for agencies directly involved in export development. Mr. Ortiz-Luis stressed the need to increase budgets for key export-related departments, particularly the Department of Trade and Industry (DTI) and the Department of Science and Technology, to show a strong commitment to the Philippine export industry. EDC Related article link.
The realistic target of $110 billion is significantly lower than the ambitious $163.6 billion goal for goods and services set for this year under the Philippine Export Development Plan (PEDP) 2023-2028. According to the latest DTI data, merchandise exports from January to October 2024 saw a slight increase to $61.8 billion from $61.6 billion during the same period in 2023. Despite achieving a historic milestone in 2023 with total exports of goods and services reaching $103.6 billion, this figure remains below the $126.8 billion PEDP target.
The Export Development Council (EDC) continues its efforts for export advocacy amidst the challenges of reaching the export targets. Director Bianca Pearl Sykimte of the DTI-Export Marketing Bureau (EMB), and the Executive Director of the EDC, stated that the PEDP 2023-2028 has yet to revise its targets.
Read the full article on PHILEXPORT’s 2025 export target. AOB