The Department of Trade and Industry expects Philippine exports to more than double to $120 billion by 2016 from $51.5 billion in 2010.
Trade Secretary Gregory Domingo said in a statement that the department was also expecting to generate about 9.1 million new job opportunities by 2016, through a three-pronged strategic framework that covered product, market and promotions.
Among the key export sectors that could drive substantial growth are information technology and business process outsourcing sectors, electronics, agribusiness (fresh/processed/marine food products and coconut), minerals, shipbuilding, motor vehicle parts, garments/textile, home style and wearable.
But to further help the government in achieving its targets, Domingo said exporters must also “rise above the global challenges and boost their performance by adding value to their products and services.”
“Since the global financial crisis, trading worldwide has shifted to multi-country sourcing, domestic and international integration, and vying for preferential regimes,” Domingo said.
The core product strategy, he said, was for the local export supply to move along the value chain. This means, he explained, Philippine businesses have to be more unique to be more competitive, and exporters have to achieve strong creative input, reliable raw materials and effective branding.