MANILA – The government said that they expect to get an eight percent growth in total exports this year from $78.5 billion to $85.2 billion and will further rise to $105 billion by 2016.
These figures were shown during the Philippine Economic Briefing held yesterday. The documents cover the country’s total exports including services and merchandise.
In 2015, the number is expected to rise by 10 percent to $94 billion and increase further by 12 percent to get $105 billion in 2016.
The drivers of this involve merchandise products, especially non-electronics such as fruits, vegetables, processed food and beverage. Electronics are also seen to grow this year.
“Growth will be supported by increasing demand from Japan, China, US, Singapore, Germany, Thailand, other countries in East Asia and ASEAN (Association of Southeast Asian Nations),” the document read.
According to the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI), they already revised their forecast with regard to electronic exports. The organization said that the outbound shipments are expected to rise by five to eight percent this year from 2013’s $21.823 billion.
Export Development Council (EDC) executive director Senen Perlada said yesterday that the growth projections are “within the range of targets in the PEDP (Philippine Export Development Plan).
The said plan for 2014-2016 covers targets and strategies as to how to better promote the exports industry of the country. It is still pending for President Aquino’s approval.