The pandemic has pushed export targets further back as recent forecasts showed a trade deficit of $27 billion to $28 billion from the initial goals identified in the 2018-2022 Philippine Export Development Plan.
Export Marketing Bureau director Senen Perlada said in a meeting with stakeholders the Philippines will find it difficult to catch up with the $102-billion export target for the year.
“The challenge for us, really, because we do not want to change our targets, is for us to change strategies in order for us to still meet the targets for the end-term plan,” he said.
The Philippines set an export target of $120 billion to $130 billion by 2022.
The bureau expects merchandise exports to reach $38.1 billion this year from the low-end target of $54.8 billion. Service exports are also expected to perform poorly at $36 billion from the $47-billion target for the year.