A new three-year strategic plan for Philippine exports is now awaiting Malacañang approval as the local industry is poised to top growth forecasts despite the still unresolved congestion problem in Manila’s ports.
Trade Undersecretary Ponciano Manalo Jr. on Friday said the Export Development Council (EDC) had approved the Philippine Export Development Plan (PEDP) 2014-2016, which has been submitted to President Aquino for approval.
Manalo said that based on the country’s export performance in the first three quarters of the year, outbound shipments of goods were expected to grow faster than the target of 8 percent for 2014.
Economic managers have set a goal of $85.2 billion worth of exports this year. In 2013, exports were valued at $78.5 billion.
“January to September exports grew by 9.9 percent year-on-year amid a 6.2-percent expansion in electronics and 12 percent in non-electronic shipments like travel goods and handbags, machinery and transport equipment, and furniture and fixtures,” he said.
Manalo, who is also chair of the EDC, said the proposed PEDP would provide support programs for key exports like electronics and the emerging sectors.
“The plan also pushes for the removal of unnecessary domestic regulations that impede exports, which would entail a review of customs procedures, among others,” he said.
He added that the newly crafted PEDP intended to enhance productivity and competitiveness to improve efficiency of export-related services, and upgrade the quality of export goods and services.
The plan also advocates improved access for small and medium enterprises to finance, full implementation of the Magna Carte for SMEs and a strengthened loan guarantee programs such as those of Philippine Export and Import Bank, Manalo said.
“Further, the PEDP is intended to enable local exporters to take full advantage of opportunities presented by the Asean Economic Community (AEC) and other free trade agreements” to which the Philippines is a party, he added.
Earlier, Manalo said the PEDP underscores strategies consistent with an integrated market for the Association of Southeast Asian Nations, an important part of which is the unified international trade strategy framework for the region, with industry competitiveness as its foundation.
“The goal is to capacitate the export sector so that it can maximize its participation in the global value chain,” Manalo said.
He added that with the Asean goal of putting up the AEC by the end of 2015, Philippine products will need to be more competitive and accessible and that the export industry must participate in high-value activities and become more diversified and sophisticated.