THE Export Development Council (EDC) said it will downgrade the export targets for 2025 and beyond contained in the Philippine Export Development Plan (PEDP).
“We are definitely revising it downward because of the many uncertainties in the global environment,” EDC Executive Director Bianca Pearl R. Sykimte told reporters on the sidelines of National Exporters Week.
“But we are quite optimistic with the Trump administration that hopefully it will provide us a window of opportunity to pursue a bilateral free trade agreement with the US,” according to Ms. Sykimte, who is also the Trade department’s Export Marketing Bureau director.
She said 2024 exports will miss the PEDP target for this year, which is $143.4 billion, but will exceed the $107 billion target set in the Philippine Development Plan (PDP).
“The PDP is the bottomline commitment of the exporting community to contribute to the overall plan,” she said.
The revised targets could be issued next year, she said.
She said electronic products could weigh on the overall performance of exports even when other products perform well.
“Coconut exports picked up, and actually a few other sectors grew significantly. But it is just that a big chunk of what we export are electronics. So whatever movement there is in that sector really defines the movement of the overall merchandise exports,” she said.
“But in services, we are still looking at double-digit growth,” she added.
Asked if the recently ratified Philippines-South Korea Free Trade Agreement (FTA) will have any bearing on export growth next year, she said, “The question is, would it be enough to pull up everything?”
“But based on the historical performance of our bilateral FTAs, right after the entry into force of the agreement, there is a trade surplus with that country,” she said.
The Philippine Statistics Authority reported exports of $55.67 billion in the nine months to September, up 1.1%.
Meanwhile, exports of services totaled $24.9 billion in the first half, up 11.4%. — Justine Irish D. Tabile
