The Philippines has set an ambitious goal of growing its exports to $240 billion in five years under the Philippine Export Development Plan (PEDP) 2023 to 2028 to be launched today.
That would represent a 90-percent increase from the projected revenues of $126.8 billion this year, or an average of 18 percent growth annually.
A copy of the PEDP showed exports would reach $143.4 billion in 2024; $163.6 billion in 2025; $186.7 billion in 2026 and would cross the $200 billion mark to $212.1 billion by 2027.
The top seven exports goods are expected to generate $213 billion revenues by 2028, an additional $100 billion from $112.3 billion estimated this year.
Electronics will remain the top export product over the course of the six-year plan, with shipments reaching $106.4 billion by 2028, double than the expected $53.7 billion to be generated this year.
The information technology-business process management industry will churn in $63.2 billion in revenues by 2028, or an increase of 75 percent from this year’s $36.1 billion sector.
Rounding up the top seven export revenue contributors are: minerals, $19. 4billion; agriculture and agri-based exports, $8.9 billion; transport products, $6.8 billion; wearables, fashion accessories and travel goods, $4.5 billion; chemicals, $2.4 billion and; home furnishings, $1.4 billion.
Today’s launch follows the approval by the President of the PEDP last June 7.
Seen transforming the Philippines from being an “export laggard” to an “agile export powerhouse,” the PEDP was formulated in pursuant to the Export Development Act of 1994 that defined the country’s export thrusts, strategies, programs and projects, and in line with Philippine Development Plan of the administration.
