The Department of Trade and Industry (DTI) is not optimistic the Philippines will attain the $120-billion export target for 2016.
“We need to set a still ambitious but realistic target. $120 billion is not achievable unless there is a miracle,” Trade Secretary Gregory Domingo told reporters on Wednesday.
Domingo explained that to achieve the $120-billion export target for 2016, Philippine exports should grow by 25 percent per year, which the Trade secretary said was unrealistic.
Domingo said a realistic annual growth target for Philippine exports is between 10 percent and 15 percent per year.
“What we want to aim for is around $10 billion [increase]a year,” he said.
Domingo said the DTI will present more realistic growth figures when it meets with the Export Development Council, a public-private sector body, which will formulate a revised exports target that will be considered in drafting the updated Philippine Export Development Program (PEDP).
The current PEDP assumes a $120-billion export goal by 2016 from a $60-billion baseline in 2010.
In 2013, the Philippines exported $75.5 billion worth of merchandise goods and services.
The revised export growth targets will be completed at the end of this month.
Data from the DTI showed exports are expected to grow by 8.6 percent year-on-year to reach $82 billion this year.
For 2015, total exports are projected to rise by 10.4 percent to $90.6 billion and increase further by 11.91 percent to $101.3 billion by 2016.
Domingo said service exports will be the growth driver, particularly information technology and business process management.