Export targets remain despite MidEast crisis, Japan disaster

MANILA, Philippines – The country is expected to hit its export targets despite of the work disruption in Japan and the crisis in the Middle East, the Philippine Exporters Confederation Inc. (Philexport) said.

In a press conference, Philexport President Sergio Ortiz Luis Jr. said the Export Development Council will not be revising its 11-percent yearned export target growth for 2011. “We still have a buffer because we grew by 25 percent last January,” the businessman explained.

Philexport expects export growth to be at the range of 20 percent because these businesses were not affected by the twin disasters in Japan yet. However, Ortiz Luis said they expect only second quarter figures to suffer and the third quarter will not be affected by the crisis anymore.

 “This gives us some opportunity in the medium term and the long run,” Ortiz-Luis explained.

At the same conference, the Department of Trade and Industry (DTI) has urged Filipino exporters to diversify into markets where the Philippines has free trade agreements or FTAs amid uncertainties in Japan and Middle East markets.

Trade and Industry Secretary Gregory L. Domingo said that these uncertainties are temporary and will not necessarily have a long term impact on exports.

“Free trade agreements present significant trading opportunities for our manufacturers and exporters. We want businesses to benefit from our FTA markets and this can be achieved by knowing the available trade preferences and how to utilize these. We are also encouraging them to look into other Filename: markets to further increase their export revenues.,” Domingo said. –Ma. Elisa P. Osorio (The Philippine Star)