The Department of Trade and Industry is sticking to its 10 percent growth target for Philippine exports this year, despite the reported drop in the country’s export receipts in April.
On the sidelines of the Franchise Asia Philippines 2015 on Wednesday, Trade Undersecretary Ponciano C. Manalo Jr. explained that this optimism stemmed from expectations that the services sector would continue to perform better this year, like the previous years, and that exports of the electronics sector would continue its uptrend.
“I am certain that only by working hand in hand—the government and private sector—can we be fully steadfast in sustaining, and even surpassing, the current 10 percent growth of the export industry, and reaching our goal of generating over 2 million jobs through 2016,” he added.
Manalo earlier said that export growth could receive a boost from the recovery of big markets like the United States and Japan, and the expected continued growth of the local electronics industry.
Apart from electronics, other expected significant contributors to the country’s exports growth included agricultural products like coconuts and pineapples, automotive parts, as well as mining (copper and nickel).
According to the public-private Export Development Council (EDC), total Philippine exports may grow by 10 percent this year to $85 billion.