Full export recovery targeted by yearend

MANILA, Philippines - Exports this year are now targeted to equal, if not exceed the peak export revenues before the global recession of $50.4 billion in 2007, marking a full recovery of the sector in only one year.

The new fighting target was announced by Philippine Exporters Confederation, Inc. (Philexport) president Sergio R. Ortiz-Luis, Jr. and Board of Investments managing director Crisitino Panlilio while addressing leaders and members of the Chamber of Mines of the Philippines.

The new target was set by the Export Development Council (EDC) during its latest meeting, the export leader revealed.

The new target was announced a week after the National Statistics Office (NSO) made public the hefty growth of exports in the month of July that even outperformed the growth in the previous month.

It was the seventh straight month of high double-digit recovery for the country’s export industry. Coming out of a 15-month battering since the trade tsunami spawned by recession in the most developed economies hit Philippine shores in the last quarter of 2008.

EDC had earlier forecast a 20 percent overall growth in Philippine exports which result would have equalled the $49 billion in export sales in 2008. The earlier projection foresaw a two-year full recovery of the export sector.

Rapid growth in sales for the first seven months of this year prompted players in the industry to review their projections and set higher targets of this year.

BOI chief Panlilio told the miners that with the expected new investments and high growth of the mining industry, precious and industrial metal exports is expected to help push exports to the new target.

Dollar revenues from the export of mineral and metallic products produced by the mines grew by 24 percent in the first half of this year and is estimated by the Chamber of Mines to have contributed P156 billion to the national economy.