15-6-2023 (MANILA) The Philippines has unveiled an ambitious plan to more than double its merchandise and service exports to $240.5 billion annually within the next six years. The plan, developed jointly by the government and private sector industry, aims to drive total exports up by 12.5% to 14% each year from 2023 to 2028. Key sectors contributing to this growth include electronics and electrical goods, information technology, business process outsourcing services, and minerals.
To achieve this target, the plan outlines several strategic objectives, including attracting increased foreign investment, reducing the cost of doing business, streamlining bureaucratic processes, enhancing infrastructure, lowering power costs, and addressing gaps in education and skill levels.
Trade Secretary Alfredo Pascual emphasized the importance of maximizing preferential trade agreements, such as the Regional Comprehensive Economic Partnership Agreement, attracting both foreign and domestic investments, and expanding production capabilities to support export growth.
However, the plan also recognizes potential risks in the immediate term. These include geopolitical tensions, disruptions in global supply chains, and bureaucratic challenges, as highlighted by Sergio Ortiz Luis, the president of the Philippine Exporters Confederation.
Furthermore, the plan acknowledges headwinds such as a subdued global economic recovery, sluggish international trade, tighter monetary policies, import restrictions, and the impact of climate change.
Government data reveals that the Philippines lags behind its regional peers, with export earnings in 2021 amounting to only a third or a quarter of those recorded by Indonesia, Thailand, Malaysia, and Vietnam.
