MANILA, Philippines - The Export Development Council (EDC) is targeting an export growth target of 10 percent this year under the new Philippine Export Development Plan (PEDP).
EDC Secretariat executive director Senen Perlada told reporters in a chance interview the council is looking at a preliminary growth projection of 10 percent for total exports covering merchandise goods and services this year.
He noted that merchandise exports alone are projected to grow six percent this year, while services exports are seen to rise 16 percent.
The country closed 2013 with total exports covering merchandise goods and services valued at $75.5 billion.
Merchandise exports alone reached $53.978 billion last year.
Merchandise exports are seen to expand at a faster pace of eight percent next year and to increase further by 10 percent in 2016.
Service exports meanwhile, are seen to maintain its 16 percent uptick in 2015 and 2016.
“Merchandise exports growth will be supported by non-electronics like fresh food, processed food, gift and housewares,†Perlada said.
“For services, health information management and gaming development will drive the growth,†he also said.
Under the PEDP 2011 to 2013 approved by President Aquino in 2011, the goal is to double the value of total exports to $120 billion by 2016.
Trade Secretary Gregory Domingo said earlier it would be impossible to meet the $120 billion goal by 2016 as such would require total exports to grow by $17 billion per year.
Perlada said $100 billion is a more realistic goal for the total value of exports by 2016.
Sergio Ortiz-Luis Jr., private sector vice chairman of the EDC and president of the Philippine Exporters Confederation Inc., also said earlier that it may be difficult to attain the $120 billion targeted value of total exports by 2016.
“It ($120 billion goal) might be pushed by a year or two,†he said.
The EDC has yet to finalize the targets under the new PEDP which will cover the years 2014 to 2016.
“We expect to submit it (PEDP) to the President next month or not later than July,†Perlada said.