MANILA – Secretary of the Department of Trade and Industry (DTI) Ramon Lopez refuted the…
DTI intensifies push to boost exports
As part of the government’s initiatives to boost exports, the Department of Trade and Industry (DTI) will concentrate on investment promotion and strategic initiatives.
Trade Secretary Alfredo Pascual stated in a Viber message on Wednesday that the declining demand for semiconductors, which make up over 40% of all exports of goods, continues to have a significant impact on the nation’s export performance.
“Due to the considerable increase in worldwide investments in semiconductor manufacturing, industry players anticipate that this will only be a temporary situation. As a result, we must position the Philippines to capture a larger portion of this crucial global value chain, he said.
Recent data from the Philippine Statistics Authority (PSA) revealed that exports, which totaled USD 6.52 billion in March, decreased by 9.1% from USD 7.1 billion last year.
Pascual stated that based on the Philippines’ supply capacity, the demand circumstances in the target market, and bilateral ties between the Philippines and the target market, the country has the potential to increase exports by as much as USD49 billion.
Pascual listed a number of steps that must be taken to accomplish this, including trade promotion to increase the visibility of goods and services on global markets, better client understanding, capital investment, manufacturing capacity expansion, and use of current preferential trade agreements.
Evidently, we must broaden our export base, and, as he noted, investments are essential to building the Philippine capacity to create and export more high-value goods.
In industries where we have developed capabilities that may provide a strong foundation for export growth and are well-positioned to take advantage of possibilities in emerging trends, we will concentrate on attracting investment and developing our exports. He continued, “These are: Health and Life Science (HLS), Industrial, Manufacturing, and Transportation (IMT), Technology, Media, and Telecommunication (TMT), and.
Currently, the Philippines has trade agreements with the ASEAN Trade-in-Goods Agreement (ATIGA), the Philippines-Japan Economic Partnership Agreement (PJEPA), the Philippines-European Free Trade Association Free Trade Agreement (PH-EFTA FTA), and ASEAN’s bilateral FTAs with China, Hong Kong Special Administrative Region (HK SAR), India, Japan, South Korea (ROK), Australia, and New Zealand.
Additionally, it is anticipated that the Philippine Export Development Plan (PEDP) 2023–2028, which will be unveiled in June, will aid in boosting exports.
The PEDP, according to Pascual, would concentrate on addressing production bottlenecks, creating a strong and cutting-edge export environment, and increasing the Philippines’ market share internationally.
“We need to draw investments to extend and develop capabilities, promote technology and knowledge transfer, and establish an ecosystem of suppliers in the nation in order to be able to meet our production restrictions. By putting the PEDP into practice, we hope to give exporters the ability to compete on factors other than price, such as quality, value-added, sustainability, and the creation of an export environment that fosters business growth.
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