The Department of Trade and Industry expects a better export performance over the next six years following the signing of Memorandum Circular 23 by Executive Secretary Lucas Bersamin approving the 2023 to 2028 Philippine Export Development Plan.
“We are one with our exporters in raising the alarm bells on the need to have a whole-of-nation approach to dramatically change the growth trajectory of Philippine exports and develop the Philippines as an agile export powerhouse. As we move forward, it’s essential to use the momentum to reach the goals and ensure that the Plan is carried out well,” Trade Secretary Alfredo Pascual said in a statement.
Bersamin signed the MC on June 20, 2023 on behalf of President Ferdinand Marcos Jr.
The PEDP is the result of strong collaboration between the government and stakeholders, as the Philippines commits to pursuing export development as a national agenda.
The program is an export development plan that recognizes the challenges of exporters and outlines pragmatic approach to address the challenges and propel the country’s export sector.
Through the implementation of the PEDP, the export sector aims to be vital engine of economic growth and contribute to the generation of over 1 million high-quality, better-paying and sustainable jobs for all Filipinos.
Industry development interventions will be followed through with firm-level support based on the varying levels of export readiness of exporters.
The PEDP will equip exporters with the tools, resources and enabling environment to quickly adapt and thrive in a fiercely competitive international market.
“By 2028, we aim for the Philippines to be a leading exporter of high-value products and services by leveraging our superior knowledge and talent to cater to the diverse needs of global markets and consumers. Through the efficient and effective implementation of the PEDP 2023-2028, exports will play a pivotal role in driving economic growth, creating jobs, and elevating the country’s position in the global marketplace,” Pascual said.
The approved PEDP seeks to double country’s exports to $240.5 billion by 2028, while the aggregated sectoral export earnings for 2022 are expected to reach $112.7 billion.
Exports are estimated to reach $126.8 billion in 2023; $143.4 billion in 2024; P173.6 billion in 2025; $186.7 billion in 2026; $212.1 billion in 2027; and $240.5 billion in 2028.
The Philippine Exporters Confederation expressed confidence Philippine exports would reach the target.