The government is poised to temper the targets under the Philippine Export Development Plan (PEDP) due to the less favorable global environment.
Bianca Sykimte, director of the Export Marketing Bureau of the Department of Trade and Industry said discussions have started on recalibrating the export targets although the timing for doing so is yet to be determined.
“At the time we were drafting PEDP, we were recovering from the pandemic so the trend was upwards. But inflation, the geopolitical crisis and the slower economic growth rate globally has tempered (demand),” Sykimte said.
Exports targets are set in two documents: The Philippine Development Plan and the PEDP.
“We are hitting the targets under PDP. The PEDP is intended to be more ambitious. The scenario we were expecting at the time of the drafting (of the PEDP) in reality is less favorable now,” Sykimte said.
She said products that would be influenced by the recalibration of targets are semiconductors which account for 40 percent of exports as well as resource-based exports like copper and coconut which are dependent on international prices.
Under the PEDP, exports are seen growing to $143.4 billion in 2024, and $163.6 billion in 2025. The country’s exports are targeted to accelerate to $186.7 billion in 2026 and $212.1 billion in 2027 before hitting $240.5 billion in 2028.
