The Trade Department said Thursday it revised the 2019 exports growth forecasts for both merchandise goods and services from 10 percent to a single-digit level.
The Export Marketing Bureau of the Trade Department said merchandise and services exports were expected to grow 5 percent this year, down from the earlier forecast of 10 percent.
Data from the Philippine Statistics Authority showed that merchandise exports fell 1.8 percent in 2018 to $67.487 billion from $68.712 billion in 2017. There were no estimates yet on services exports which include tourism revenues and business process outsourcing receipts.
“Last year, we assumed that merchandise will grow single digit but we had high hopes for services to sustain double-digit growth. This year, we downgraded targets to single-digit only,” said EMB director Senen Perlada.
Perlada said the growth for both merchandise and services exports “will be there, but slower.”