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Philippines: Exports seen to grow at least 10% this year
MANILA, Philippines — The country’s aggregate exports of goods and services are likely to surge at least 10 percent this year after a flat turnout in 2016, trade officials said.
The forecast growth, which is way higher than the original target, is on the back of the continued recovery of foreign markets, export officials from both the public and private sectors told The STAR.
“Growth for total exports we are looking at is from 6.5 to 7.5 percent for 2017, but I think we will exceed that to double digit for total exports. I am confident we will hit double digit growth for total exports,” Department of Trade and Industry Export Marketing Bureau executive director Senen Perlada said in an interview.
“So we will miss the target but on the higher side,” he added.
An above-target, double-digit expansion of total exports is likewise seen happening this year by the private sector.
“The improvement of the markets is the one driving it. Weak peso is a small part. It is only to make us competitive. It doesn’t really add much to exports,” Philippine Exporters Confederation Inc. president Sergio Ortiz-Luis Jr. said.
In 2016, Perlada said the country’s total exports finished flat behind dismal performance of merchandise shipments.
This year, the industry is looking at a four to five percent growth in the export of goods and a 10 to 11 percent acceleration in services exports.
“Year-to-date (as of end August) what do we have, it’s 13.3 percent growth for merchandise. Services, on the other hand, is growing at a much higher double digit increase. So a double digit growth for combined exports is really attainable,” Perlada said.
He said growth of the country’s services exports remains to be driven by the information technology-business process management sector, which accounts for 60 to 70 percent of services exports.
Despite fears of the services sector slowing down, particularly due to issues in the US market, Perlada said the quality of service being provided by the country continues to be its edge over other markets.
As far as merchandise exports are concerned, the trade department sees the country’s improving ties with non-traditional allies like China and Russia as a big boost to exports.
“DTI continues to provide a menu of the assistance designed to enhance the innovativeness and competitiveness of exporters. The goal is to sustain the growth of exports and there will always be continuing improvement program in which exporters and government can take concrete action on,” Trade Secretary Ramon Lopez said.
Source: http://www.philstar.com/business/2017/11/07/1756270/exports-seen-grow-least-10-year