The Philippine Exporters Confederation Inc. (Philexport) pressed Congress for the passage of economic and trade-related bills to push the exports to further growth.
Some of these measures are the Magna Carta for MSMEs (micro, small and medium enterprises), Philippine Ports Authority Charter or the PhilPorts Act, the International
Maritime Competitiveness Act, Open Access in Data Transmission Act, Customs Amnesty Act, and reforms in the Act for Salt Iodization Nationwide (ASIN) law.
The Magna Carta for MSMEs is a landmark legislation mandating development and nurture of the Filipino entrepreneurial spirit, while the amendments to the ASIN law aim to rationalize the policy, facilitate the revival of the local industry and expand food exports.
“We could not emphasize more the importance of getting these reforms passed as part of the conditions within which export growth and targets under the Philippine Export Development Plan or PEDP are connected,” said Sergio Ortiz-Luis, Philexport president.
But Ortiz-Luis cited the “hurdles and confusion” in the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act whose passage last year it strongly pushed for. He did not elaborate.
Republic Act 11534 or the CREATE Act introduces reforms to the corporate income tax and incentives systems.
Ortiz-Luis said industry players are taking a more aggressive stance inspired by the newly-launched PEDP and the recovery in the export performance.
“If all the reform elements in the PEDP are achieved, we are seeing export earnings of $240.5 billion for 2028, more than double this year’s target of $112 billion,” he said.
Exports hit a new monthly record in October, rising 20 percent to $7.7 billion from $6.4 billion.
Under the PEDP 2023-2028, one of the strategies to ease supply side constraints to export expansion is attracting and retaining domestic and foreign investments, especially in the export of high-value products and services.
To expand demand for Philippine exports, the PEDP outlined the importance of intensifying trade promotion, marketing, design innovation and branding initiatives; pursuing active membership in regional and bilateral preferential trade agreements; and pursuing export market diversification.
