Philippine Exporters are looking to penetrate new overseas markets in a bid to achieve export revenue target of $102 billion in 2016 amid lingering weakness in the global economy. According to Philippine Exporters Confederation, Inc. (PHILEXPORT) President Sergio Ortiz-Luis Jr exporters are looking at markets to replace the problematic, traditional markets like Europe and China which are not doing very well. We are looking at some countries in Asia and BRICS (Brazil, Russia, India, China, South Africa) countries. They are all deemed to be at a similar stage of newly advanced economic development.
The government data indicated that about 54 per cent of the country’s merchandise exports in November, 2015 went to East Asian countries, while commodities exported to ASEAN member countries comprised 14 per cent. Shrinking global demand and the ASEAN 2015 are identified in the Philippine Export Development Plan (PEDP) as among the opportunities and challenges facing the export sector, noted Ortiz-Luis.
Under the PEDP, the country’s export of goods and services can hit $102 billion this year from last year’s estimated $91 billion, said the PHILEXPORT chief. The sector makes up about 60 percent of the country’s total export trade.