Exports on track to hit $130 billion by 2022 — DTI

MANILA, Philippines — The country’s total exports are on track to hit the $122 billion to $130 billion goal by 2022, even as services exports are expected to post slower growth than targeted this year, the Department of Trade and Industry (DTI) said.

DTI – Export Marketing Bureau director Senen Perlada told reporters that while there are calls to revise the targets under the Philippine Export Development Plan (PEDP) due to slowdown in services exports, he said he sees no need for such.

This, as he said the country is still expected to hit the $122 billion to $130 billion target by 2022 under the PEDP.

For this year, he said total exports are expected to post single digit growth.

“We are on target in so far as total exports is concerned,” he said.

He said merchandise exports, in particular, are expected to post single digit growth this year, in line with the target.

Services exports, meanwhile, are projected to post single digit growth, lower than the double digit growth targeted for this year.

“We can see now tight competition for services exports,” Perlada said.

Services exports cover the business process outsourcing and tourism sectors.

Perlada said total exports are targeted to reach $93.8 billion to $96.4 billion this year.

Merchandise exports which would account for the bulk of the total, are targeted to reach $51.2 billion to $52.7 billion this year.

Meanwhile, the government has set a  $42.6 billion to $43.7 billion goal for services exports this year.

Trade Secretary Ramon Lopez  said earlier, the government would want the country’s exports of total goods and services to hit a range of $86.2 billion to $87.8 billion in 2018.

Data for total exports last year are not yet available.

The country’s total merchandise exports reached $67.49 billion last year, 1.8 percent lower than the $68.71 billion in 2017.