Action needed to boost Phl exports

MANILA, Philippines – The Department of Finance (DOF) said yesterday the country needs to lay out measures to boost the competitiveness of the export sector this year.

The DOF said the export industry is expected to recover with the strengthening relationship of the country with China and Russia.

Finance Undersecretary Gil Beltran said the government should implement the agenda and programs needed to improve the export sector this year.

Beltran said programs aimed at improving infrastructure development, expand free trade and bilateral trade agreements, and empower micro, small and medium enterprises (MSMEs) should be pursued by the government.

“We should continue infrastructure development especially in port areas to enhance cross-border trading, pursuit of free trade and bilateral trade agreements with other economies and regions and capacitating MSMEs to tap export markets,” Beltran said.

According to the DOF, 60 percent of the country’s exporters are medium and small enterprises.

Beltran said enhancing access to credit would help small entrepreneurs to export their products.

Dominguez earlier said the Duterte administration wants to explore trade opportunities with countries other than our traditional markets, in line with the government’s thrust to open up the economy to foreign investors.

The government is eyeing China and Russia, in particular, as its new trading partners for Philippine agricultural produce and manufactured products.

Data from the Philippine Statistics Authority (PSA) showed that exports declined 7.5 percent to $4.732 billion in November last year from $5.118 billion in the same month in 2015.

For the January to November period, the country’s total exports fell 5.2 percent to $51.36 billion from $54.168 billion in the same period in the previous year.

China emerged as the fourth largest buyer of Philippine products with purchases worth $5.58 billion as of November 2016. On the other hand, Russia only accounts for $46 million worth of exports every year.