December 10, 2024 | 12:00am
MANILA, Philippines — The country’s exports are expected to fall short of the target set under the Philippine Export Development Plan (PEDP) for this year, while revised export goals for 2025 to 2028 are likely to be released next year, according to the Department of Trade and Industry (DTI).
“We’ll definitely miss it, the PEDP [2024 target],” DTI Export Marketing Bureau director Bianca Sykimte told reporters, citing the weakness in merchandise exports.
Under the PEDP, the goal is for the country’s total exports covering goods and services to reach $143.4 billion this year.
While the country is likely to miss this year’s PEDP target, Sykimte said the government believes the exports performance is still on track with the exports goal of $107 billion under the Philippine Development Plan (PDP).
She attributed the weakness in the country’s merchandise exports to the performance of the electronics sector.
“A big chunk of what we export are electronics. So, whatever movement in that sector really defines the movement of the overall merchandise exports,” she said.
Data from the Philippine Statistics Authority showed that the country’s merchandise exports went up slightly to $55.67 billion in the January to September period of this year from $55.08 billion in the same period in 2023.
Exports of electronic products, in particular, were down 2.2 percent to $30.60 billion in the January to September period from $31.28 billion in the same period a year ago.
Semiconductor and Electronics Industries in the Philippines Foundation Inc. president Dan Lachica said in a Viber message yesterday that the group is still expecting a 10-percent contraction for electronics exports this year.
He said electronics exports will be “flat for 2025 due to soft demand.”
In 2023, Philippine electronic exports were valued at $41.91 billion.
With the PEDP export goal for this year expected to be missed and given uncertainties in the global environment, Sykimte said targets for 2025 until 2028 would be downscaled and are likely to be released next year.
“We already have initial simulations, but unfortunately, we haven’t had the chance to run through it through the EDC (Export Development Council),” she said.
The EDC, which is composed of the government and private sector, is responsible for overseeing the PEDP’s implementation.
Despite uncertainties in the global environment, Sykimte said the DTI is hopeful the return of US president-elect Donald Trump will bring trade benefits to the country.
“We’re quite optimistic with the Trump administration that it will provide us an opportunity, hopefully, there will be a window of opportunity to pursue our bilateral FTA (free trade agreement) negotiations with the US,” she said.
Under the PEDP, the goal is for exports to reach $163.6 billion next year, $186.7 billion in 2026, $212.1 billion in 2027 and $240.5 billion in 2028.
Last year, the country’s total exports hit a record-high of $103.6 billion, but fell below the $126.8-billion PEDP target.
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