Launch of new export development plan delayed

MANILA, Philippines — With the launch of the country’s new export development plan delayed, the Philippine Exporters Confederation Inc. (Philexport) is hopeful the plan will  be released by early next year.

Philexport president Sergio Ortiz-Luis Jr. told reporters on the sidelines of the National Export Congress 2022 he expects the Philippine Export Development Plan (PEDP) for 2023 to 2028 to be rolled out by early next year instead of this month.

“It is still being reviewed by the DTI (Department of Trade and Industry),” he said.

Under the draft PEDP, he said the country’s total exports are targeted to reach $120 billion to $130 billion in two years.

“That was the original target two years ago. It was not met,” he said as he noted that  supply chain disruptions and high shipping costs  affected the exports sector.

Brain Trust Inc. chairman Cielito Habito, who serves as the leader of the PEDP planning facilitation team, said the country was targeting export earnings of $240.5 billion for 2028.

Of the $240.5 billion target, 88.5 percent would be accounted for by prominent export sectors such as electronics; agriculture; transport; home furnishings; wearables, fashion accessories and travel goods; minerals; information technology-business process management; and chemicals.

“We are seeing that it’s possible if we all do things together and do things right to get $240.5 billion in export earnings by 2028,” Habito said.

For this year, Ortiz-Luis said he is hopeful the country’s total exports could reach $100 billion and surpass last year’s $87 billion.

While there are reasons to believe that the worst of the crisis is over, he said the sector continues to face challenges including high inflation that contributes to higher business cost.

The country’s headline inflation rate hit a 14-year high of 8 percent in November from 7.7 percent in October.

Trade Secretary Alfredo Pascual said that while the country’s exports have been growing, it is at a rate slower than most of its competitors.

“Both public and private sectors are called on to work together to unlock the country’s unrealized export potential of $49 billion a year. We need to push this potential and achieve sustainable and inclusive industrialization,” he said.