MANILA, Philippines - The Philippines is aiming to increase trade with the Association of Southeast Asian Nations (ASEAN) in the long-term to take advantage of the region’s huge market under the Asean Economic Community (AEC).
Export Marketing Bureau director Senen Perlada told reporters the government wants to see trade with the Asean further go up in the long-term.
The AEC aims to create a single market and production base to promote free movement of goods, services, investment and skilled labor within the region.
Perlada noted that the share of Asean to total imports of the Philippines has risen to 22.9 percent in 2012 from just 15.9 percent in 2002.
Philippine imports from Asean were valued at $14.954 billion in 2012, up from $6.540 billion in 2002.
The share of Asean to total exports of the Philippines has likewise climbed to 18.9 percent in 2012 from 15.7 percent in 2002.
Merchandise exports of the Philippines to the Asean grew to $9.804 billion in 2012 from $5.530 billion in 2002.
Perlada noted that most of the goods being traded by the Philippines with its Southeast Asian peers are in the same industry such as electronic equipment as well as vehicle parts and mineral fuel products. “We are not competing against each other. We are complementing,” he said.
To further increase trade with the region, the country sees opportunities in exporting fast moving consumer goods. “We have a potential there,” Perlada said.