The country’s largest group of exporters has expressed optimism exports will grow as much as 10 percent this year, on rising demand from Japan and Southeast Asian economies.
“We still have a fighting chance to reach 8 to 10 percent [growth in exports] this year. We are not revising as of now. There’s no reason to revise,” Philippine Exporters Confederation Inc. president Sergio Ortiz-Luiz said.
Luiz said the problems in other markets such as Europe, the US and China might be offset by the growing demand of Japan and other Asean countries.
He said second-quarter exports were expected to improve, “because electronics is performing well and may carry the ball for exports.”
The furniture sector also showed promising results, along with mining, metals and services, he said.
The Trade Department earlier predicted that exports might slow down and might not exceed the 10-percent growth projection, due to stronger foreign exchange in favor of the Philippine peso.
It said exports might grow slower than initially anticipated, because of severe depreciation of the Japanese yen and the European currencies.
Exports to the US are less likely to be affected due to the minimal movement of the dollar against the peso, it said.
The Trade Department advised exporters to add value to their products to command better prices.
PhilExport said the oil price rollbacks would have little effect on the growth in exports.
The group expressed concern it might only get half of the proposed P1.7-billion export development fund from the government.
The fund has been endorsed to the Budget Department for approval and will be released through the Trade Department once approved.
“We’re not expecting that the entire fund will be released. And if it will see approval, we surmise that the fund might be redirected to finance other projects of the DTI,” he said.
The export promotion fund is a public-private fund established to by the Export Development Council to provide supplemental financing for promotion and development of Philippine exports.
