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Philippine exports surpassed $100 Billion in 2023

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%. 

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PH Export Slump: Impact on 2024 Growth Forecasts

The Philippines faces hurdles in reaching its 2024 growth target due to a significant slump in exports. Weak export demand, particularly from key markets like the United States and China poses a challenge. 

Economists and experts have varying projections for the Philippine economic performance this year. While the Development Budget Coordination Committee (DBCC) remains optimistic with growth projections of 6.5 to 7.5 percent growth, others like the First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) anticipate slower GDP growth of at least 6.0 percent this year. 

A recent publicly featured study by the Philippine Institute for Development Studies (PIDS) titled “Macroeconomic Outlook of the Philippines in 2023–2024: Prospects and Perils” predicts economic growth in 2024 to be between 5.5 and 6 percent, with inflation dropping to the target range. This study presents conditions shaping the global and regional outlook, projections on growth and consumer prices, and prospects coming into 2024. For further details, the complete study by PIDS is can be accessed through this link

Analysts anticipate the Bangko Sentral ng Pilipinas (BSP) to lower interest rates to stimulate investment growth, aligning with predictions of below-target growth in 2024. AOB