Economic managers will be revising the exports growth target for 2018 given strong outbound shipments this year, a senior Finance department official said.
“Exports growth should be higher. It is now double digit. For 2018, they are adjusting the target,” Finance Undersecretary Gil Beltran told reporters.
Beltran was referring to the interagency Development Budget Coordination Committee (DBCC), which is set to meet today to review the country’s macroeconomic targets.
Latest Philippine Statistics Authority data show year-to-date exports up 11.7 percent to $53.11 billion from a year earlier.
The DBCC in June raised its merchandise export growth targets to 5 percent from 2 percent for 2017, 7 percent from 5 percent for 2018, and 9 percent from 7 percent for 2019. From 2020 to 2022, export growth is expected to hit 9 percent.
Imports, meanwhile, were targeted grow by 10 percent from 2017 to 2019 and 11 percent from 2020 to 2022.
Gross domestic product growth goals were kept at 6.5 percent to 7.5 percent for this year and 7 percent to 8 percent for 2018 to 2022.
The DBCC is composed of the principals of the Department of Budget and Management, Department of Finance, National Economic and Development Authority and the Office of the President. It is chaired by the Budget Secretary.