Exports hope for single-digit growth next year

MANILA, Philippines — While the Philippines is likely to miss its $126.8 billion exports target for this year, exporters are hoping for a better performance next year as they eye a low-single digit growth.

On the sidelines of the opening of the National Exporters’ Week yesterday, Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. said exports are likely to register a single-digit growth next year.

Under the Philippine Export Development Plan (PEDP) 2023-2028, the country is targeting exports to reach $126.8 billion for this year.

The export target of $126.8 billion is 29 percent higher than the $98 billion export income registered in 2022.

“We won’t be able to reach it. We’re just trying to reach $100 billion. That’s already a big thing,” Ortiz-Luis said.

Latest data from the Philippine Statistics Authority (PSA) showed that the country’s export sales totaled $6.73 billion in September, a 6.3 percent decline from the $7.18 billion in the same period last year.

Similarly, year-to-date exports registered at $54.5 billion, a 6.6-percent decline from $58.4 billion in the same period last year.

Ortiz-Luis said services exports would still be the main driver of exports growth next year.

“Well one of our big exports is semiconductors. However, they don’t expect to meet their original targets. That is why it’s services exports that will drive the growth,” Ortiz-Luis said.

He identified the tourism sector, as well as allied industries such as transportation and the business process outsourcing (BPO) as among the country’s top service export industries.

Department of Trade and Industry- Export Marketing Bureau (DTI-EMB) director Bianca Pearl Sykimte also shared that services are likely to drive exports this year, noting that it may post a five percent increase.