The Philippines’ largest umbrella group of exporters last week expressed pessimism that the country’s exports targets in 2024 until 2028 years can be reached, casting a gloomy outlook for the sector in the next four years.
The head of the Philippine Exporters Confederation Inc. (Philexport) cited 91 new trade measures that they consider as “restrictive,” and which were implemented between mid-October 2023 and mid-October 2024, as indicated in a report by the World Trade Organization.
“Considering these developments, I believe that the ambitious targets set under the [Philippine Export Development Plan (PEDP)] of $143.4 billion for this year and $240.5 billion by 2028 will somehow be adversely affected and difficult to achieve,” Philexport president Sergio Ortiz-Luis Jr. said during the organization’s general membership meeting.
Ortiz-Luis also expressed concern on the impact of other factors such as geopolitical shifts, and the effects of climate change.
He also cited import regulations in key markets like the United States and the European Union, as well as inflation, which can affect purchases of consumer goods.
In 2023, the Philippines’ export industry failed to reach the $126.8-billion target set under the PEDP, but still managed to reach record-high levels by breaching the $100 billion mark with $103.6 billion worth of goods and services exports.
The country’s total export receipts reached $87.97 billion in 2021, $80.03 billion in 2020, and $94.74 billion in 2019, according to records at the Department of Trade and Industry. INQ