The Department of Trade and Industry said Wednesday it reduced the 2022 export target by 19.23 percent to $105 billion from a previous estimate of $130 billion.
“We have adjusted the export targets, taking into consideration the impact of pandemic and weaker global demand. Thus, the revised targets are lower than the original targets where export levels were originally projected to reach over $130 billion by 2022,” said Trade Secretary Ramon Lopez.
The export target includes both merchandise and service exports such as tourism revenues and business process outsourcing receipts.
Lopez said recent data showed exports were estimated to have declined 13.5 percent in 2020 amid the pandemic. Export receipts were predicted to reach $91.7 billion in 2021.
The electronics industry also announced an expected 7-percent decline in exports in 2020 and a 7-percent recovery this year.
The services sector, meanwhile, was expected to decline 17.1 percent in 2020, before rising 12.5 percent in 2021 and 14.8 percent in 2022 despite an assumption of 0.5-percent slowdown from the BPO sector last year.
Lopez said the export growth of 2-percent in September and 3-percent in November 2020 was not enough to offset the decline in the first half of 2020 which was the height of the lockdown, “although export numbers continued to improve month on month reaching positive growth by September and November compared to previous years.”
“We can write off the 2020 numbers, so to speak, but the rebound is expected this year when we expect to bounce back to 12.5 percent in 2021 and 14.8 in 2022,” he said.
The DTI said the new fighting targets were made, after intensive consultations with the export sector and stakeholders.
“This also means that we shall exert all efforts in terms of policies and support programs to assist the export sector and help them achieve these fighting targets,” Lopez said.