The Export Development Council (EDC) will recalibrate targets within the Philippine Export Development Plan (PEDP) by the first quarter of 2025.
Department of Trade and Industry officials acknowledged that the current PEDP 2023-2028, which aims to increase exports from $126.8 billion in 2023 to $240.5 billion by 2028, set ambitious targets.
Export Management Bureau (EMB) director Bianca Sykimte said, however, the agency is confident in meeting the Philippine Development Plan (PDP) target of $107 billion in merchandise and services trade by the end of 2024.
“In terms of PDP targets, if I think about $107 billion, we’re quite confident that we’re going to reach that. The problem is PEDP. It has a higher target than the PDP,” Sykimte said.
The PEDP aims to boost the country’s competitiveness in the global market, increase Philippine merchandise and services exports, develop local industries and position the Philippines as a global player in terms of exports.
Key focus areas of the PEDP include four key industry clusters—industrial, machinery and transport (IMT); technology, media and telecommunications (TMT); health and life sciences; and modern basic needs, resilient economy (MBNRE).
Three strategic actions outlined in the plan include addressing production constraints, developing a strong and innovative export ecosystem and increasing the Philippines’ mindshare in the global market.
