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Philippines: Exporters seek more financing support
MANILA, Philippines — The country’s group of exporters is seeking more financial support from the government to aid the export sector’s recovery from the pandemic-induced slowdown.
“The stronger economic recovery in the third and fourth quarters this year is premised on the projected rebound in exports that should hasten the return of the Philippines back to pre-pandemic level by the third quarter of 2022,” Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. said.
He said the agriculture sector is expected to lead the recovery in exports due to strong demand for food and natural-based health products.
“If we can shift paradigms and fix regulations, we hope mining ore exports could grow too, since requirements for mining goods don’t stop, especially from China,” he said.
He said financing institutions like the Small Business (SB) Corp. should be able to respond to borrowers with ease and flexibility.
“Aside from this program, the need to assist micro, small and medium enterprises in training, mentorship and market development is ever more important now that the domestic and international markets have substantially changed in form and requirements,” he said.
He also said upgrading the skills of the workforce is needed to adapt to technologies and digitalization.
Earlier this year, the Export Development Council revised the country’s export target to $105.3 billion by 2022 under the Philippine Export Development Plan from the original target of $130 billion to take into account the impact of the pandemic and weaker global demand.
Philexport is pushing for the passage of legislative measures that are seen to help businesses and support recovery.
Ortiz-Luis said he is optimistic the approval of the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) would drive more investments, particularly in underdeveloped regions in the country.
Source: https://www.philstar.com/business/2021/03/22/2085993/exporters-seek-more-financing-support