The Philippines would miss its export goal of $143 billion unless it grows exports by double-digit, said Philippine Exporters Confederation Inc. (PhilExport) president Sergio Luis-Ortiz.
He estimated the possibility of reaching the 2024 target coming into fruition by three years or by 2027.
But, he stressed, the Philippines must first resolve its problems with electricity, shipping costs and geopolitical risks, which he identified as areas with great impact on exports.
Under the country’s Export Development Plan, it targets to reach $143.4 billion for 2024; $163.6 billion in 2025, $186.7 billion in 2026, $212.1 billion in 2027, and $240.5 billion in 2028.
He projected exports this year to increase “slowly but surely” but not “on the level that we would like to be” given the upward trajectory of outbound shipments from January to May this year.
He told reporters at the sidelines of the ATA Carnet system launching on Monday where he also said that “to be able to reach [$143 billion], we have to increase more than double digits…. We’re not doing that much and it would take quite a while>”
The country’s exports in the first five months of 2024 grew by 7.8 percent to $30.84 billion from the $28.61-billion export receipts in the same period in 2023.
“Our investment, although we’re trying very hard, even job creation, we’re behind at the moment,” business blog sitE Bilyonaryo quoted Luis-Ortiz.
The issues in agriculture and geopolitical risks, notably the territorial tensions in the West Philippine Sea, hound the country’s exportations, he added.
Trade between the Philippines and China reached nearly $40 billion in 2023, with imports from China amounting to $29.38 billion and outbound shipments or exports reaching $10.86 billion last year, based on data from the Philippine Statistics Authority (PSA).
“Somehow, natatakot din ’yung mga investors sa atin [investors are afraid of us]. And then us, tinatakot din natin ’yung mga tourists [we also scare the tourists],” Luis-Ortiz pointed out.
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