Philippine export leaders urged the country to step up efforts to boost ties with its Asean neighbors and partners to achieve the $100-billion revenue target over the next six years.
Commodities exported by the Philippines to Asean member countries comprised 16 percent of the total export in April 2017, Philippine Exporters Confederation Inc. (PhilExport) President Sergio Ortiz-Luis Jr. said just before the weekend.
Ortiz-Luis said that “exporters also expect to sustain and strengthen the performance of mineral products, coconut oil, machinery and transport equipment, metal components, electronic products and chemicals.”
Electronics remained as the country’s top export, comprising 51 percent of the total export revenue in April 2017.
Top export earners during the month also included machinery and transport equipment; other manufactures; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; and chemicals.
The export group chief added complementing market access programs are measures toward product diversification.
“Within this context, we have increasingly put emphasis and resources on innovation and technology as the key to making inroads in this area,” Ortiz-Luis said.
He added that Socksargen (South Cotabato, Sultan Kudarat, Saranggani and General Santos), particularly North Cotabato, has already made its second shipment of ‘carabao’ mangoes to Abu Dhabi and Dubai.
Ortiz-Luis also underscored the need for sustained efforts on easing government regulation and strengthening market intelligence gathering with the help of the private sector to boost exports amid downside risks to export growth.
“We also need to maximize the benefits of trade agreements and economic groupings, especially with our Asean neighbors,” he added.
Export stakeholders are developing the Philippine Export Development Plan to raise the industry performance bar to $100 billion.
The Association of South East Asian Nations (Asean) consists of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
East Asia and the European Union remained the top destinations of Philippine products, accounting for 62.3 percent of total export receipts.
East Asia includes China, Hong Kong, Japan, Macau, Mongolia, North Korea, South Korea and Taiwan.