MANILA, Philippines - Exporters have expressed high hopes a proposed support fund to boost the country’s exports would be put in place as early as the start of next year.
In an interview, Philippine Exporters Confederation (Philexport) president Sergio Ortiz-Luis Jr. said progress has been made in recent months regarding the issuance of a P1.7-billion export support fund from the government.
“There seems to be some good news. We understand that it has already reached the budget department and it is already being discussed. They are just asking for some additional documents,” said Ortiz-Luis, noting the budget’s issuance may start early next year.
“Unfortunately, the plan is 2014 to 2016 so I don’t think they will give us the whole amount that we’re asking for. It looks like there is a plan to release part of it. But any amount would help,” he added.
Once issued, the budget which will be used to help finance exporters promotional activities, will be handled by the Department of Trade and Industry.
“We, the private sector, are not supposed to handle but I guess we’ll be part of the process to be able to come up with the rules,” Ortiz-Luis said.
“There are already on the pipeline usages for it like, for instance, product development, foreign exhibitions and promotions of exports,” he added.
The country’s merchandise exports fell for a fourth consecutive month in July, dropping by 1.8 percent year-on-year.
Year-to-date, exports dropped 4.1 percent compared to the first seven months of 2014.
Ortiz-Luis said Philexport remains optimistic the country’s exports will manage to finish on a positive note this year despite a few setbacks experienced early on.
“I’ll be happy if we hit plus three to four percent. I think three percent is doable,” he said.