MANILA: Philippine exporters are pinning their hopes on continued reforms, trade agreements and the regional economic integration to boost the country’s export growth by 9 to 10 percent next year. This was despite the continued slump in exports in the past seven months.
“We choose to be optimistic as we continue to seek ways to improve the way we conduct business, the way we partner with government, the way we approach our markets as they continue to evolve,” Philippine Exporters Confederation Inc. (Philexport) president Sergio R. Ortiz-Luis Jr. said in a statement.
Ortiz-Luis said exporters continued to hold on the growth targets under the Philippine Export Development Plan (PEDP), as there remained a number of key sectors that can fuel the potential recovery of exports next year. These sectors were identified as smart electronics, medical and wellness tourism, agriculture and biotechnology, food and aviation.
“Further, we see the resurgence in our own manufacturing industry, and the positive impact of the Asean Economic Community, increased access to duty-free exports under the generalized systems of preferences of the European Union and of the United States, and a competitive exchange rate (to boost export growth next year),” Ortiz-Luis said.
The Philexport chief is banking on the passage of key reform measures such as the Customs Modernization and Tariff Act (CMTA) to help the Philippine export sector recover in 2016. To seize expanded market opportunities, Ortiz-Luis also expressed hope that the government will heed their proposals, particularly one about creating a P20-billion loan facility for exporters.
Latest government data showed that merchandise exports fell for the seventh straight month in October. A preliminary report of the Philippine Statistics Authority (PSA) showed that the value of goods made or sourced here and sold overseas declined by 10.8 percent to $4.6 billion last October from $5.1 billion a year ago.
The National Economic and Development Authority (Neda) attributed the decline to “weak global demand.”
