(From L-R, seated) – Philexport president and CEO Sergio R. Ortiz-Luis, Jr., Trade and Industry Secretary Alfredo E. Pascual seal their agreement with a handshake. With them are (from L-R standing) Philexport vice president for Advocacy, Communications, and Special Concerns Ma. Flordeliza C. Leong, DTI Bureau of International Trade Relations Director Marie Sherylyn D. Aquia, and DTI International Trade Group Undersecretary Allan B. Gepty
MANILA, Philippines —The Department of Trade and Industry (DTI) is working with the country’s most prominent exporters association to increase the utilization of the free trade agreements (FTA) amid expectations that the export targets will not be met this year.
In a statement over the weekend, the DTI said that a memorandum of agreement was signed with the Philippine Exporters Confederation, Inc. (Philexport) last June 11 to formalize the partnership.
“We welcome this renewed partnership and are confident that enhanced coordination between government and private sectors will lead to more efficient processes and increased competitiveness,” Trade Secretary Alfredo Pascual said in a statement.
READ: PH hopes to grow export revenues by at least 10% in 2024
The DTI said the partnership is intended to intensify its trade education and advocacy campaign, to optimize the benefits offered by FTAs including the Regional Comprehensive Economic Partnership Agreement (RCEP), the Philippine-European Free Trade Association, the Philippine Japan Economic Partnership Agreement, and the Association of Southeast Asian Nations (Asean) trade agreements.
Capacity-building, networking
Under the MOU, both parties will also collaborate on other key initiatives including capacity-building activities, mentorship programs, as well as the provision of networking and linkage opportunities for business and industry associations, among others.
The DTI said the agreement also lays the foundation for a robust relationship between the agency and Philexport’s collective efforts in trade facilitation, policy development, and economic growth.
READ: PH exports of goods, services breached $100B in 2023
“We aim to enable our exporters and would-be exporters to capitalize on the benefits of our free trade agreements, allowing them to leverage broader market access to promote Philippine products globally,” Pascual said.
Further, the DTI said that both parties will aim to further work together to ensure the successful implementation of the Philippine Export Development Plan 2023-2028 (PEDP).
Philippine exports this year are projected to fall short of the target of $143.4 billion under the PEDP, with both the government and the private sector planning to revisit the multi-year goals.
In 2023, the Philippines export industry also fell short of the $126.8 billion target set under the PEDP but still managed to reach record-high levels by breaching the $100 billion mark as it secured $103.6 billion in goods and service exports.