Electronics demand to drive exports to $100 billion
MANILA, Philippines — Philippine exports of goods may reach the $100-billion mark this year, supported by demand for electronic products, according to the country’s umbrella group of exporters.
Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. said in a press briefing that merchandise exports may hit $100 billion this year.
“It is very possible,” he said.
If realized, this would be the country’s highest level of merchandise exports since 1991, when the government started tracking export performance.
Last year, the country’s merchandise exports reached $84.48 billion, the highest since 1991.
Ortiz-Luis said that Philexport is banking on two sectors to reach the $100-billion level, particularly electronic products and minerals.
“Electronics is growing very fast,” he said.
Electronic products remained the country’s top exported commodity in August, with total earnings of $6.2 billion or 68 percent of the total.
Ortiz-Luis also said the group is hopeful the minerals sector would support export growth.
Philippine merchandise exports reached $9.11 billion in August, a 35-year high.
The August merchandise export figure was also 28-percent higher than the $7.13 billion export sales in the same month last year.
From January to August, merchandise exports reached $64.04 billion, up by 15 percent from $55.80 billion in the same period a year ago.
To sustain the country’s export growth, Trade Secretary Cristina Roque said the Department of Trade and Industry (DTI) would continue to help local businesses tap overseas opportunities and expand their reach.
“The DTI remains firmly committed to helping our businesses meet local and global standards, connect with buyers, penetrate new markets and establish a Philippine brand that reflects the trust of the global market in Filipino products,” she said.
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