A business group expressed optimism that exports would grow 4 percent to 5.5 percent in 2023 despite the global headwinds.
“I think we have a fighting chance to hit the target,” said Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis in an interview at the sidelines of the 49th Philippine Business Conference and Expo (PBC&E).
He said while exports were sluggish in the early part of 2023, trading activities started catching in recent months which could be gleaned as a sign of improving export performance.
Merchandise exports rebounded with a 4.2 percent growth in August 2023 from a 0.9-percent contraction in July on the back of strong electronics shipments, data from the Philippine Statistics Authority (PSA) showed.
Ortiz-Luis said although the Philippines has no control over global issues, “we are in far better position compared to them, referring to other countries.
“We worry about not hitting targets, but if we look at other economies , they are still down. And we are hoping that the war in Israel will not escalate further. It will be adding to the uncertainties the Ukraine war has created,” Ortiz-Luis said.
He said some antiquated laws also continued to negatively affect export-oriented projects that led to lower output and lower export earnings.
The Department of Trade and Industry (DTI) earlier said it expected export to reach $110 billion by 2023, enough to approximate the unmet growth targets during the two-year pandemic period.
Under the Philippine Export Development Plan (PEDP) 2023 to 2028, the government seeks to double the country’s exports to $240.5 billion by 2028. ‘
The PEDP targets to increase exports to $126.8 billion in 2023; $143.4 in 2024; $173.6 in 2025; $186.7 billion in 2026; $212.1 in 2027; and, $240.5 in 2028.