President Ferdinand R. Marcos Jr. has approved the proposed Philippine Export Development Plan (PEDP) 2023–2028 to boost the country's export performance.
On Tuesday morning, Marcos provided his assent during a sectoral meeting with the Department of Trade and Industry (DTI) at Malacañang Palace in Manila.
In a press briefing, DTI Secretary Alfredo Pascual mentioned that the PEDP defines the country’s export thrusts and strategies. programs and projects.
Pascual said that the PEDP 2023–2028 will focus on export growth opportunities, which consider market trends and existing industries’ competencies in the Philippines, and that the said plan would help in the improvement of the country’s performance.
According to Pascual, the PEDP 2023–2028 intends to increase the competitiveness of Philippine export enterprises.
He stated that the plan would assist in achieving significant export development in four specified sectors, namely industrial machinery and transportation; technology, media, and telecommunications; health and life sciences; and the modern fundamental needs of a resilient economy.
Pascual emphasized the significance of cultivating "reliable, design-driven, technology-driven, sustainable, and forward-thinking" exporters in order to transform the Philippines into an "agile export powerhouse."
In 2022, the Export Development Council, chaired by Pascual, reduced its export objective from USD 130 billion to USD 105.3 billion, with merchandise exports accounting for USD 62 billion and services exports accounting for USD 43.3 billion.
According to the data from the Bangko Sentral ng Pilipinas (BSP), the Philippines' exports of goods and services last year were only USD98.52 billion.
The merchandise exports accounted for around USD 57.45 billion of the total USD 98.52 billion, with service income accounting for the remaining USD 41.07 billion.
