Key export group cut this year's export target

MANILA, Philippines (Xinhua) - The largest group of exporters has cut its target for this year from 10 percent growth to three or four percent, due to slow growth of the electronics sector.

"Hopefully (the growth) will be higher than flat (growth), because from a projection of 10 percent, we're happy to reach a three to four percent growth. It looks like this is the most reasonable, the most realistic forecast," Philippine Exporters Confederation Inc.(PhilExport) President Sergio Ortiz-Luiz said at the sideline of the 39th Philippine Business Conference held at the Manila Hotel today.

The announcement came after the ectronics companies reported Tuesday that the industry expects exports to drop by 10 to 12 percent due to negative performance in the semiconductors and electronics subsectors.

Exporters are counting on improved performance by the agriculture sector, metals and wood-based products, among others. November shipment will be higher as the holiday season approaches, the group said.  

Despite industries announcing cuts in growth forecast, the Trade Department recently announced that it is keeping its export projections for the next three years aiming to double the country' s export value to P120 billion ($2.7 billion) by 2016.

The department admitted that the figure is a stretch target, nevertheless the government is still optimistic to achieve the three-year target.