DESPITE lingering weakness in the global economy, local enterprises were still hopeful of meeting their export revenue target of $102 billion this year by entering new markets.
Sergio R. Ortiz-Luis Jr., president of the Philippine Exporters Confederation Inc., said they were eyeing new areas for expansion to replace the problematic, traditional markets like Europe and China. These potential markets include some countries in Asia such as India, as well as Brazil, Russia, India and South Africa, which are reportedly at a “similar stage of newly advanced economic development.”
“We then need to be more aggressive and collaborative in our continuing struggle for sustained development and progress. Within this context, innovation, value-adding and diversification are key success in the coming years,” Ortiz-Luis said.
Apart from tapping new markets, keeping currency exchange rates competitive and transportation costs low would be critical for exporters to thrive in a challenging global market, he said.
Exporters expect the electronics sector, which accounts for 60 percent of the country ’s total export trade, to continue leading the growth this year. They are likewise hopeful of a recovery in the metals and mining sectors and continued growth in the tourism sector.
The Export Marketing Bureau at the Department of Trade and Industry (DTI) said last week it expected total Philippine exports to have posted a slight decline to about $85 billion in 2015 from the $86.9 billion posted in 2014 due to sluggish global demand. Amy R. Remo