Philippine exporters brace for underperformance in 2025
Sergio Ortiz-Luis Jr. INQUIRER FILE PHOTO
MANILA, Philippines — The country’s largest umbrella group of exporters sees industry revenues falling short of targets due to a challenging local and global operating environment this 2025.
Philippine Exporters Confederation, Inc. (Philexport) president Sergio Ortiz-Luis Jr. said this during their general membership meeting in Manila on Tuesday, warning that the country’s export revenues may reach only $110 billion this year.
Ortiz-Luis said that the projected export receipts would fall below the target set in the Philippine Development Plan, which aims for $113.42- billion revenues in 2025 and $135 billion in 2030.
The projected receipts will also undershoot the $143.4-billion goal under the Philippine Export Development Plan.
He noted that the fate of Philippine exporters was uncertain due to “lack of support from the government.”
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Headwinds
“We will continue to face key domestic and external risks this year that include weather disturbances, extreme natural disasters, an acute and protracted global economic slowdown in major economies, ongoing geopolitical tensions and complex trade wars and protectionist trade policies, especially in the US,” he said.
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According to the Philexport official, the local sector’s three largest overseas markets are the United States, China and the European Union.
Despite the gloomy outlook, Ortiz-Luis highlighted the potential benefits of the recently-passed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy or ‘Create More’ Act.
He also pointed to the newly-approved value added tax refund for non-resident tourists as a positive development, hoping it would provide greater opportunities for domestic manufacturers and service providers.
