DTI keeps export target

MANILA, Philippines -The government is keeping its export target of $80.2 billion this year despite the drop in merchandise exports in 2011, according to Trade Undersecretary Cristino Panlilio.

Data from the National Statistics Office showed that receipts from merchandise exports from January to December 2011 contracted by 6.9 percent to $ 47.967 billion from $51.498 billion for the whole of 2010 because of a steep decline in the electronics sector.

Export earnings in December 2011 declined by 20.7 percent to $3.332 billion from $4.201 billion in December 2010. Month on month, it went down by 0.3 percent from $3.342 billion in November 2011.

The electronics sector, which accounts for 45.6 percent of the total exports revenue in December 2011, emerged as the country’s top export with total receipts of $1.519 billion. It decreased by 32.7 percent from $2.256 billion registered in December 2010.  

On a monthly basis, electronics exports declined by 0.7 percent from about $1.530 billion posted in November 2011.

“What is important is we reach the target of $120 billion in 2016 both in merchandise and services,“ Panlilio said.

He said the government is working on strengthening the electronics sector by increasing the capacity for assembly of electronic parts.

“We need to strengthen electronics. Computers will be with us for a very long time. We need to enchance the value-added factor. Right now, we are simply exporting the components. We can slowly go into assembly,” he said.