-
The Export Development Council is revising export targets under the Philippine Export Development Plan
-
The country is expected to miss its original export target of $143.4 billion due to uncertainties in the global market, according to DTI Export Marketing Bureau director Bianca Sykimte
-
The new targets are expected for release within the third quarter
-
EMB said inflation, export destination, market regulations, and geopolitical issues are factors which can affect the country’s export performance
-
The priority is to enhance the ease of doing business for exporters, ensuring a competitive environment for local products in the global market
The Export Development Council is revising export goals under the Philippine Export Development Plan (PEDP), with the new targets expected for release within the third quarter of this year.
The country is expected to miss its export goals in 2024 due to uncertainties in the global market, said Trade and Industry Export Marketing Bureau (EMB) director Bianca Sykimte. Inflation, export destination, market regulations, and geopolitical issues are factors that could affect export performance, EMB said.
Under the PEDP, the original target for 2024 is $143.4 billion in export revenues and $240.5 billion by 2028.
According to Sykimte, the adjustments will not fall below what was set under the bigger Philippine Development Plan (PDP).
READ: PH export revenues seen doubling by 2028 under PEDP
Under the PDP, the total exports target is lower at $107 billion this year and $135.08 billion by 2028.
Preliminary data from the Philippine Statistics Authority show that the Philippines’ trade deficit in May widened, as exports declined while imports were almost flat from the previous year.
The EMB said it is the government’s priority to enhance the ease of doing business for exporters, ensuring a competitive environment for local products in the global market.
The Department of Trade and Industry, mother unit of EMB, is working with the Department of Finance and the Bureau of Customs to look into exporters’ exemption from the Electronic Tracking of Containerized Cargo or E-TRACC implementation.
Exporters called for suspension of the policy on exports, claiming it is unnecessary and causes shipment delays and higher costs.
