Exports expected to grow by 8-9% in 2016

THE COUNTRY’S exports are expected to grow by 8 to 9 percent this year, under the recently approved Philippine Exports Development Plan (PEDP) 2015-2017.

Based on the official targets of the Department of Trade and Industry, the total value of export receipts is seen to hit roughly $93 billion this year from the estimated $85.5 billion recorded in 2015.

This, however, was much lower than the expectations of the private sector, led by the Philippine Exporters Confederation Inc., which expects export revenues to breach the $100-billion mark this year.

“Our estimate for total exports for 2015 is $85.5 billion, which will translate to decline of around 2.4 percent as against 2014. The 8-9 percent stretch target for total exports is based on the $85.5 billion. (That’s) around $93 billion if we meet the high end of our stretch target,” said Senen M. Perlada, director of the Export Marketing Bureau at the DTI.

“The approval of the PEDP 2015-2017 and the strategies contained therein will drive the growth. Electronics exports are expected to have moderate growth (this year while) exports of non-electronic products especially agriculture and agri-processing could snap back to recovery with waning effects of El Niño. Our trade and investment promotional efforts will also be intensified, especially on key and emerging export sectors identified in the PEDP,” Perlada explained.

Philexport, meanwhile, said in a statement issued Friday that the approved PEDP sets an exports growth target of 8 to 9 percent this year to reach the goal of $100 billion.

Philexport president Sergio Ortiz-Luis Jr. welcomed the approval of the PEDP by President Aquino, as this was “a formal signal for government to facilitate export growth.”

Under the PEDP, President Aquino directed concerned government agencies to review all relevant policies to facilitate exports.

The Export Development Council (EDC) will oversee the implementation of the PEDP and coordinate the formulation and implementation of policy reforms and promotion strategies.