Gov't: Exports to reach $61B by 2010

MANILA, Philippines – The government expects exports to reach $61 billion by 2010 from this year’s target of $53 billion.

The projection is based on the Philippine Export Development Plan for 2008 to 2010 presented by the Export Development Council at the National Economic and Development Authority Cabinet group meeting in Palayan, Nueva Ecija yesterday.

Trade Secretary Peter Favila said the country’s export figures were modest compared to those of neighboring countries like Singapore, Malaysia, and Indonesia. But Favila said other Asian countries like Indonesia and Malaysia have fuel exports.

He said the country was able to achieve its export target of $50 billion in 2006.

For 2009 alone, merchandise exports are expected to hit $56.5 billion.

Exports of the services sector, meanwhile, is projected to reach $16.7 billion.

Favila said President Arroyo described the targets as respectable but would like to see them realized and sustained in the long term.

He said the President has issued a number of directives to help the country meet its export targets, including reducing the cost of power for manufacturers operating outside special economic zones.

In issuing the directive, Mrs. Arroyo was granting the request of the exporters themselves.

Favila said the Department of Trade and Industry will coordinate with the Department of Energy for an effective implementation of the directive. – Marvin Sy