Exporters keep 9-10% growth target

MANILA, Philippines - Exporters are keeping their growth targets for this year and next year despite the government’s move to cut exports’ growth projections.

In a phone interview, Sergio Ortiz-Luis, Jr., president of the Philippine Exporters Confederation and private sector vice chairman of the Export Development Council (EDC) said they are sticking to their exports’ growth goals for this year and for 2013 even as the government revised its projections.

“I guess they (government) cut (projections) because they are being conservative. We don’t mind that they feel exports will only grow by that much,” he said.

He added that the targets under the Export Development Plan are still their official targets.

“Policy-setting of exports is done by EDC,” he noted.

Under the Export Development Plan, exports are targeted to grow by 9 to 10 percent this year, and by 11 percent starting next year to hit $120 billion in 2016.

In 2011, the country’s exports were valued at $47.967 billion.

Last week, the interagency Development Budget Coordination Committee (DBCC) which sets the country’s macroeconomic assumptions, reduced its exports’ growth projection to 8 percent this year from 10 percent.

For next year, the projection was likewise slashed to 10 percent from 12 percent.

The DBCC trimmed import growth goals this year and next year to seven percent and 12 percent, respectively, from 12 percent and 14 percent.

The projections were revised amid uncertainties and weakness in the global economy.