Business Bayani PH

The Philippines is aiming for a big 40% boost in exports of goods and services to hit the ambitious ₱140-billion target in 2024, says the Department of Trade and Industry (DTI).

Bianca Sykimte, director of the DTI-Export Marketing Bureau (EMB), stressed the need for this significant growth due to uncertainties in the global market impacting the country’s export performance in 2023.

The Philippine Export Development Program (PEDP) set export revenue goals of $126.8 billion for 2023 and $143.4 billion for 2024. However, recent government data showed a dip in merchandise exports from January to November 2023, down 8.4% to $67.03 billion compared to $73.18 billion in the same period in 2022.

Services exports, on the other hand, looked promising, soaring 28.4% to $13.53 billion from January to September 2023, up from $10.53 billion in the first three quarters of 2022.

Despite facing challenges, Sykimte expresses optimism about achieving a 5% growth in total exports. While acknowledging it falls short of the PEDP target of $127 billion, the growth rate surpasses previous years, averaging about 4%. Notably, this year’s performance outperformed the last six years of the PEDP, despite global uncertainties.

Recognizing the difficulty in achieving a 40% growth target, Sykimte suggests a more realistic goal of a 10% increase in export revenues based on market projections. She added, “With business as usual, about a 10-percent improvement. So definitely, we’ll try to achieve more than 10 percent for export.”

Increasing exports is crucial for the Philippine economy to meet its PEDP targets. The DTI’s focus on a 40% growth aligns with efforts to enhance the country’s economic resilience and global competitiveness.◼