The Department of Trade and Industry (DTI) is targeting to create more export-related employment in the next five years despite the global economic uncertainties.
In a statement, Trade and Industry Secretary Gregory Domingo said that the agency targets an additional nine million job opportunities from export sector by 2016.
Under the Philippine Export Development Plan, the Aquino administration targets to double the value of exports to $120 billion by 2016 from $51.5 billion in 2010.
Over the next two years, DTI said that the Philippine export industry will still grow to over $64 billion despite economic uncertainties.
Domingo said that there are key several key export sectors that could spur substantial export growth.
These are information technology/business process outsourcing and other services, electronics, agribusiness (fresh/processed/marine food products and coconut), minerals, shipbuilding, motor vehicle parts, garments/textile, home styling and wearables.
The National Economic and Development Authority earlier urged Philippine exporters to pursue cross country and sector partnership agreements to boost production and demand for local products amid the continued contraction of sales abroad of Philippine-made goods.
“The country’s current trade structure heavily favors the exports of electronic products, thus, making the country’s export performance very vulnerable to the highs and lows in the demand for these products,” Socioeconomic Planning Secretary Cayetano Paderanga had said.
Exports of electronic products fell by 36.5 percent as it continued to be affected by the sluggish global demand and by the disruption in the supply chain in Asia because of natural disasters.
“Philippine exporters should also engage in research and development and employ technology advancement on their products. This can help the country adapt to the fast pace of a changing world trade,” Paderanga said.
He added that the Philippines must also be aggressive in exploring partnerships with foreign
companies that would help in establishing the country as a production hub.
In the first nine months of the year, the total receipts from merchandise exports amounted to $37.185 billion, down by 3.1 percent from $38.362 billion during the same period in 2010.
Japan remained as the country’s top export destination with 17.7 percent, followed by China with a 14.1-percent share; United States, 13.4 percent; Singapore, 7.7 percent; and Hong Kong, 6 percent.
Other top markets were Taiwan, 4.5 percent; South Korea, 4.4 percent; Thailand, 4 percent; Germany, 3.3 percent; and The Netherlands, 2.9 percent. –Darwin G. Amojelar , Senior Reporter, Manila Times
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