EDC eyeing higher export revenue target for 2016

MANILA, Philippines–The Export Development Council hopes to raise the total export revenue target to $105 billion by 2016 under the new Philippine Export Development Plan, as the group seeks to have a more “challenging target” for the country.

The proposed target of $105 billion will be slightly higher than the current target of $100 billion, which covers both merchandise and services exports. It is however still lower than the original target of $120 billion.

The proposal is “still being reviewed,” said Sergio R. Ortiz-Luis Jr., vice chair of EDC and president of the Philippine Exporters Confederation Inc. “In our last meeting, someone mentioned that, why would we need programs if we have a ‘doing nothing’ target? So it looks like the target will be adjusted.”

According to Ortiz-Luis, the current target of generating $100 billion in export receipts by 2016 is “very doable,” reasonable and can be easily achieved.

But EDC wants a more challenging target that will spur both the government and the private sector to step up their respective game plans. In turn, it will further boost the competitiveness of local industries in time for the regional economic integration.

“We should note that, while we are saying we are improving, we are still being left behind by our neighbors. Vietnam’s exports would already be around $130 billion. We have been contented because of the positive growth, but we’re forgetting that our 10 percent growth will still be smaller compared to the 3 percent growth of our neighbors in the Asean,” Ortiz-Luis said.

Under the PEDP 2014-2016, the problems affecting the local and international markets will be taken into account in crafting the export revenue targets for the three-year period. It is expected to enable local enterprises to maximize their participation in the global value chain.