Philippines’ new six-year development plan aims to transform the Country into an “export powerhouse” by 2028.
President Ferdinand Marcos Jr. has approved the proposed plan aimed at making the Philippines a major player in the global export market.
Under the plan, the government would implement industry-level interventions to keep up with neighboring nations.
The Philippines continued to record a widening trade deficit, which happens when a country has more imports than exports.
Some of the major commodity groups that the country exports include electronic products, wiring sets used in vehicles, machinery, chemicals, and coconut oil, among others.
But Pascual kept his bullishness that the plan can make local enterprises competitive in the global market.
Under the PEDP, the government would closely work with firms that show export potential, in identifying challenges.
Those that are still at the “ripple stage” would secure a “significant amount of support” from the government.
Pascual said the government would help the firms boost their production and quality, as well as increase their skilled manpower.
“It’s raising awareness about the Philippine investment climates, the potential businesses that can be pursued in our country by foreign investors. Expos, participation in expos for example is one way to promote our exports or holding trade fairs,” he said.
The PEDP identified priority industry clusters—industrial machinery and transport; technology, media, and telecommunications; and health and life sciences.
The government would also increase its promotional efforts.
The government has set an ambitious target to grow the country’s total exports to $240.5 billion come 2028 —the last year of President Ferdinand Marcos Jr.’s term—under a new six-year development plan that aims to transform net importer the Philippines into an “export powerhouse.”
Under the Philippine Export Development Plan (PEDP) 2023–2028, the total export target for the next six years depends on the growth of the top eight export sectors, which comprise 88.5% of the country’s total exports.
The PEDP sets a total export target of $126.8 billion for this year. Data from the Philippine Statistics Authority showed that total export receipts in 2022 amounted to $78.84 billion, up 5.6% from $74.65 billion in 2021.
The export development plan projects that total exports will grow further to $143.4 billion in 2024 and $163.6 billion in 2025.
Total exports are expected to hit $186.7 billion in 2026 and $212.1 billion in 2027.