MANILA : The Philippines on Thursday launched an ambitious target of more than doubling its merchandise and service exports to $240.5 billion annually in the next six years, according to a plan jointly developed by the government and private sector industry.
Total exports are targeted to rise by 12.5 per cent to 14 per cent annually from 2023 to 2028, driven by electronics and electrical goods, information technology and business process outsourcing services and minerals.
The plan seeks to attract more foreign investment, lower the cost of doing business, cut red tape, improve infrastructure, reduce power costs, and address a mismatch in education and skills levels.
The Philippines needs to maximise preferential trade deals like the Regional Comprehensive Economic Partnership Agreement, attract more foreign and domestic investments, and expand production capabilities, Trade Secretary Alfredo Pascual said in a speech.
In the immediate term, risks include geopolitical tension, supply chain disruption, and bureaucracy, Sergio Ortiz Luis, president of the Philippine Exporters Confederation, told reporters.
The plan also noted a few headwinds, including muted global economic recovery, sluggish international trade, tighter monetary policy, import restrictions and climate change, according to the plan.
The Philippines trails is regional peers, with its export earnings just a third or a quarter of those recorded by Indonesia, Thailand, Malaysia, and Vietnam in 2021, government data show.