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Philexport eyes 6% export growth in 2020
03 February 2020
Published also in Business Mirror
Exporters expect a 6-percent revenue growth this year on the back of electronic parts and mineral products, and services exports.
“The signing by US President Donald Trump last week of the initial trade deal with China provides another growth impetus, particularly for electronics,” Philippine Exporters Confederation Inc. (Philexport) President Sergio Ortiz-Luis Jr. said.
The deal between the world’s two largest economies covers expanding bilateral trade in various sectors, such as manufactured goods and services, further broadening market access, and enhancing the protection of intellectual- property rights.
Garments are also expected to contribute to increasing the country’s merchandise exports, with renewed interest from buyers, said Ortiz-Luis, in his president’s report during the Philexport first quarter General Membership Meeting and Elections of the Board of Trustees last week.
As of end-November, exports were valued at $64.56 billion, up slightly from $64.58 billion during the same period in 2018, with strong performance from electronic products, other manufactured goods, machinery and transport equipment, and aircrafts and ships.
The Philexport chief is also banking on services exports, including travel services, which is expected to account for 50 percent of the country’s total exports by 2022.Ortiz-Luis said the country has been reinvigorating the manufacturing sector, which they believed is better positioned to generate more jobs and livelihood.
He said the current Philippine Export Development Plan targets revenue to reach $122 billion to $130.8 billion in shipment of goods and services by 2022.
This will be driven by the projected robust global demand for electronics, food and beverages, information technology and business process management (IT-BPM) and business services, creative industries, lifestyle and wearables, and halal, which are all identified as the priority sectors for export promotion, he added.
To boost exports and economic growth, Ortiz-Luis underscored the importance of critical amendments to some legislations, including the amendments to the Public Services Act, Magna Carta for MSMEs (micro, small and medium enterprises), Asin (An Act for Salt Iodization Nationwide) law, Customs Amnesty Act, Philippine Ports Authority, Open Access in Data Transmission Act, and Comprehensive Income Tax and Incentives Rationalization Act (CITIRA).
“We continue to struggle with agriculture but we are not giving up,” he said, adding the group has also agenda on liberalized sugar imports for domestic processors.