The Philippines’ goal of hitting the Philippine Export Development Plan (PEDP) target of $143.4 billion in 2024 will be pushed back by two years.
“We see a very fluid performance in our exports this year due to the ongoing trade war between the United States and China, among other factors,” said Sergio Ortiz-Luis, president of the Philippine Exporters Confederation Inc., in his speech at the group’s second quarter general membership meeting in Makati City yesterday.
Bangko Sentral ng Pilipinas BPM6 data showed last year’s exports rose 4.8 percent to $103.6 billion in 2023 from $98.83 billion but it is $23.2 billion lower than the PEDP target of $126.8 billion for the year.
Merchandise exports fell 7.5 percent to $73.5 billion with the country’s major export, electronics, declining by 3.4 percent or $955 million compared to 2022.
Ortiz-Luis said the performance of exports last year particularly of goods, only reiterates the need to diversify export portfolios and enhance competitiveness in each sector.
Ortiz-Luis counts on the free trade agreement (FTAs) the Philippines has and is pursuing to boost exports.
He said the ratification last year of the FTA with South Korea is expected to remove tariffs on most products such as bananas and processed pineapples.
Ortiz-Luis also said the Philippines and the European Union (EU) are aiming for a comprehensive FTA for improved market access of local goods and services to the EU.
The Philippines also started talks on an FTA with the Middle East where the Philippines’ seafood exports are experiencing some challenges.
He rallied Philexport members to continue to champion export as a driver of the country’s growth.
