INQUIRER FILE PHOTO
A high-ranking trade official on Monday said they are working towards releasing by third quarter of this year the government’s revised export targets, goals which will guide the state’s policies for the industry in the years to come.
Bianca Sykimte, the director of the Department of Trade and Industry’s (DTI) Export Marketing Bureau answered in the affirmative when asked if they will be able to release the new export targets under the Philippine Export Development Plan 2023-2028 (PEDP) during the period.
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“It will affect, of course, the succeeding targets because (we are already behind the base targets),” Sykimte told reporters on the sidelines of the Tatak Pinoy Forum at the Philippine International Convention Center.
The trade official also said that the new target will more than likely fall below the $143.4 billion goal under the PEDP for 2024, but will be at least on par with the $107 billion indicated under the Philippine Development Plan (PDP) 2023-2028.
“We don’t want to set a target below the PDP because we want to contribute to the socioeconomic objectives of the PDP,” she said.
Asked what foreign and domestic issues will factor into the new target, Skimte cited the potential impact of high inflation and the possible bearing of ongoing geopolitical tensions.
“The inflation in the market destinations is affecting some of our consumer goods. In 2023 we saw that the final goods that we export were affected by inflation,” said the trade official.
“Geopolitical shifts, including the market regulations in key markets like the US. We know very well that our exports of garments were affected by stricter detentions in the US market,” she added, but noted that they were constantly in touch with US authorities to remedy the situation.
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Back in April this year, the DTI released data showing that exports of merchandise and services had reached $103.6 billion in 2023, 4.8 percent higher than the $98.83-billion receipts in 2022.
The country’s total export receipts totaled $87.97 billion in 2021, $80.03 billion in 2020, and $94.74 billion in 2019.
The growth in exports was largely driven by the information technology and business process management (IT-BPM) and tourism sectors, according to the government agency.