The government has set its sights on a robust annual exports growth rate of 10.8% as it unveils the Philippine Export Development Plan 2023-2028.
The plan aims to position the Philippines as an agile export powerhouse by focusing on key sectors that contribute to 80% of the country’s exports.
Trade Secretary Fred Pascual emphasized the need for creating an enabling environment that promotes business growth and empowers industries to meet the evolving demands of global markets and supply chains.
He highlighted the importance of attracting both domestic and foreign investments to enhance production capabilities and tap into the vast export potential of the country.
The Export Development Act, which aims to transform the Philippines into an exporting nation and address trade deficits, lays down key principles such as market-driven exchange rates, favorable fiscal and credit policies, streamlined government procedures, and the elimination of red tape.
The latest PEDP sets a higher exports growth target compared to the Department of Trade and Industry’s benchmark, taking into account more aggressive strategies, incentives, and assistance for small and medium enterprises.
While Philippine exports fell short of targets in recent years, particularly during the pandemic, there were signs of recovery in 2021 and a double-digit growth in 2022 as the global economy rebounded.