February 25, 2018, 3:38 am
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Exports seen at $122B in ’22

The Department of Trade and Industry (DTI) is confident of hitting at least $122 billion in exports by 2022.

Senen Perlada, director of the DTI’s Export Marketing Bureau (EMB), said the agency estimates last year’s total exports, merchandise and services, nearly closed in the $100-billion mark, hitting $98 billion to $99 billion.

Perlada said EMB is cautiously optimistic but that it has enough confidence to hit, at the very least, the lower end of the range of the target of $122 billion and $131 billion under the Philippine Export Development Plan (PEDP) by 2022.

Perlada said by that time, services shall raise its share to half of total exports to 50 percent.

At present, a third of exports come from services  and another third from just one sector, electronics and semiconductors.

According to Perlada, merchandise exports in 2017 alone rose 9.5 percent, exceeding expectations to $62.87 billion from $57.4 billion in 2016.

About $53 billion of that are in manufactured goods with electronics accounting from 66 percent to $32.7 billion.

Perlada said the EMB is refining the PEDP  2018-2022 where it would introduce changes in computing exports in goods and services to reflect the true value added of exports.

Perlada said the country will be shifting the analysis to balance of payment 6 to take into account exports that do not change ownership, such as consigned goods.

This means exports will be  easy to measure beyond numbers but in  true value addition.

Whereas before the numbers were obtained from two different sources, the Philippine Statistics Authority and the Bangko Sentral ng Pilipinas, the computation will now come from one platform .

Perlada said the aggregate numbers in goods could go lower in the future as the new methodology will net out exports with no change in ownership.
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