MANILA, Philippines — Adjustments to the country’s overall export targets are expected to be approved within the year, according to the Department of Trade and Industry (DTI).
Bianca Sykimte, director of the DTI Export Marketing Bureau told reporters that the government is looking to have the revised export targets approved “before the end of the year.”
She said the aim is to have the revised export targets under the Philippine Export Development Plan (PEDP) approved by the Export Development Council composed of the government and private sector, before the National Exporters’ Week in the first week of December.
“Internally, we are still discussing what are the things we need to consider,” she said.
While adjustments are being eyed in the export targets, she said the government is confident the export goals under the Philippine Development Plan (PDP) will be achieved.
“PDP (export target), we are quite confident we will meet that. It requires all the initiatives we’ve identified,” she said.
Under the PDP, the country is aiming for total exports covering both goods and services to reach $107 billion this year.
By 2028, the target under the PDP is for total exports to hit $135.08 billion.
Meanwhile, more ambitious targets were set under the PEDP, with the goal at $143.4 billion for this year and at $240.5 billion by 2028.
Earlier, Sykimte said it would be difficult to meet the export goals under the PEDP.
Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. has also said it will be impossible to achieve the export target this year, with geopolitical issues affecting trade.
Data from the Philippine Statistics Authority showed the country’s merchandise exports went up by 2.6 percent to $42.66 billion in the January to July period from $41.58 billion in the same period a year ago.