MANILA, Philippines - Exports is expected to grow by 10 percent every year for the next three years, the Export Development Council (EDC) said yesterday.
In an interview with reporters, EDC executive director Senen M. Perlada said that they are in the process of preparing a three-year trade road map for exporters. The roadmap will cover 2011 to 2013. Perlada said that on the average, they expect exports to grow by 10 percent every year.
However, Perlada said that they may even adjust the growth target once they finish their consultation with private sector partners.
Perlada said exports are highly dependent on the electronics sector.
Earlier, the Semiconductors and Electronics Industry in the Philippines Inc. (SEIPI) president Ernesto Santiago said that that their target is to hit $27 billion to $28 billion for the whole year. Exports for the first half was $14 billion. Full year 2009 exports was at $22.2 billion.
Investments in the electronics sector grew to $511 million for the first seven months of the year as it overshot last year’s investments figure of $469 million. In fact, he said their target is to reach $1 billion worth of investments for this year. For January to July, Santiago said most of the investors are new players.
However, the electronics industry said growth will start to slow down in the third and fourth quarter after growing 44 percent for the first five months of the year.
“We are preparing for the softening of the market by the end of third quarter until the fourth quarter. Hopefully it does not extend until 2011,” Santiago said.
Because of the softening of the market, Santiago said it is possible that they will not be able to hit their revised target of 25 percent to 30 percent. Initially, full year target was at 20 percent.
“For the third quarter, it will be lower than expected. The growth will taper down,” Santiago said.