THE government is confident the Philippines will achieve its target of $100 billion worth of exports by 2020, an official of the Department of Trade and Industry (DTI) said on Wednesday.
“If we grow between 3 percent and 5 percent, we have a good chance to breach the $100 billion [target]by 2020, because we want to reach $120 billion by 2022. Ideally, if we can reach 7 percent by 2019, $100 billion is achievable, if 3 percent to 5 percent that’s by 2020,” DTI Promotion Group Undersecretary Nora Terrado told reporters during the National Export Congress at the Philippine Training Trade Center in Pasay City.
“Earlier, when exports were going up, we wanted to reach $120 billion, a very ambitious goal by 2016. And then the market went down, so now we’re moving our targets – let’s breach $100 billion targeted by 2020, and $120 billion by 2022,” Terrado added.
With the strategies laid out in the Philippine Export Development Plan (PEDP) 2015-2017, the DTI implements targeted interventions and support services in the export sector.
The PEDP includes discussions in eight key strategies that address export bottlenecks and provides comprehensive approaches in driving industry growth.
“Through PEDP, our goal is not only to increase our total export revenues, and make Philippine products known in the global market but also to address constraints in export growth. As we do this, we expect to open more opportunities for employment and increase household income in the coming periods,” Terrado said.
Following declines over the past 17 months due to a slowdown in global demand, Philippine export receipts rose by 5.1 percent to $5.2 billion in September 2016 from $4.9 billion a year earlier.
“As we diversify our markets, and urge our exporters to innovate products and services, we are keen on having positive growth in the coming months,” said DTI Export Marketing Bureau Director Senen Perlada.