MANILA, Philippines—Philippine trade agreements are expected to push the export sales of Western Visayas to $27.9 million by the end of 2011, according to the Department of Trade and Industry.
DTI regional director Asteria Caberte said the sectors that will benefit greatly from these trade deals are electronics, which account for half of Cebu’s total exports; creative services; and health and wellness.
“We encourage the business sector to partner with markets where the Philippines has trade agreements,” Caberte said in a statement.
These include the Association of Southeast Asian Nations, China, Korea, India, Japan, Australia and New Zealand.
“Utilizing these trade agreements is one of the core market strategies we have defined in the Philippine Export Development Plan (PEDP). With this, we hope to double our country’s exports to $120 billion by 2016,” Caberte said.
“Doubling the exports would also mean an increase in our revenues and more jobs,” added Trade Undersecretary Adrian S. Cristobal Jr.
The PEDP has outlined several market strategies to boost exports aside from maximizing preferential trade agreements. These include targeting high-growth emerging markets and attracting the migration of supply nodes to the Philippines.—Amy R. Remo