The Philippines aims to double exports to $240.5 billion by 2028, according to the 2023-2028 Philippine Export Development Plan.
Cielito Habito, a former National Economic Development Authority director-general and now chief economist and chairman of think tank Brain Trust Inc., presented the updated plan during the 2022 National Export Congress Wednesday.
Based on the new export plan, the aggregated sectoral export earnings for 2022 is expected to reach $112.7 billion.
Exports are projected to rise annually to $126.8 billion in 2023; $143.4 billion in 2024; P173.6 billion in 2025; $186.7 billion in 2026; $212.1 billion in 2027; and $240.5 billion in 2028.
Philippine Exporters Confederation president Sergio Ortiz-Luis expressed optimism Philippine exports would hit more than $100 billion this year.
“The industry is taking a more aggressive stance inspired by the PEDP and the recovery in our export performance. In fact, I believe that we can reach nearly $100 billion from exports of goods and services this year, surpassing last year’s $87 billion,” he said as he addressed the Congress.
Export receipts went up by 7 percent to $7.16 billion in September, a turnaround from a 2-percent decrease in August and faster than the 6.4-percent growth in September 2021.
Luis attributed the “surprise bounce” in exports to the 19-percent jump in electronic shipments.
He said the Philippines ranked 6th regionally and 12th globally in the Sustainability Trade Index 2022, joining more developed economies as it scored high in the report that measures economies’ behavior and effects of international trade on sustainability and economic prosperity.
Luis said exporters were looking forward to how the improved ranking could translate into more jobs and higher export performance, industry competitiveness and productivity.
“So far, such performance could have already influenced the improved employment generated as of September, where the number of jobless Filipinos aged 15 and up was down to 2.5 million compared to 2.68 million estimated in August,” Ortiz-Luis said.
The Department of Trade and Industry called on both public and private sectors 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,” said Trade Secretary Alfredo Pascual.
He said that while the government continued to pave the road for exporters and the country to achieve exporting breakthroughs, the DTI also recognized the feats exporters achieved despite a challenging global environment.