MANILA — The Philippines targets USD122 billion to USD131 billion revenues from exports of goods and services by the end of the Duterte administration, Export Marketing Bureau (EMB) Director SenenPerlada said Friday.
On the sidelines of the Slingshot ASEAN, Perlada told reporters that the Department of Trade and Industry (DTI) is crafting the Philippine Export Development Plan (PEDP) 2018-2022.
The recovering global consumer markets that will boost demand for Philippine exports was among the basis of the new PEDP targets, according to the official.
He said the country also eyes services exports to increase its share to 50 percent of the total exports by end-2022, from its current 32 to 34 percent share.
The target for services exports remains high despite the Trump government discourages outsourcing business operations outside the United States.
The U.S. is the country’s major market for information technology and business process outsourcing (ITBPO) services.
But Perlada said the country’s ITBPO sector has diversified its markets to Australia, New Zealand, and Japan among many other growth areas for the industry.
He added that this will be supported by the ITBPO industry’s target of increasing its share in the global market to 15 percent from the current 9 to 10 percent share.
For merchandise exports, Perlada said electronics sector will still account for big part of exports of goods, while demand for Philippine agricultural products is also seen to increase.
The Philippines will likewise take advantage of trade preference programs such as from the U.S., European Union, and Russia, among others as well as the free trade agreements (FTAs) with other countries, said Perlada.
He noted that the improved Beijing-Manila relations will also push for higher exports to China.
Moreover, the official said the country will likely exceed its total exports target growth of 6.5 percent to 7.5 percent by end-2017.
The current PEDP targets to close this year with total exports revenues of USD79.7 billion to USD80.4 billion — about USD45.1 billion to USD45.6 billion for merchandise exports and USD34.5 billion to USD34.9 billion from services revenues.