EDC holds on to doubling of exports by 2016

THE slow recovery of western economies has prompted the Export Development Council (EDC) into making adjustments on its export growth targets for the rest of the Aquino administration but held on to doubling dollar revenues from all exports including services by the end of 2016.

This was contained in a document obtained in the first month of the year on the action program of the export overseer detailing specific programs and projects to meet its new targets. The EDC, a partnership between the private sector and the government, presides over the planning and implementation of the country's export offensive.

In its revised target, EDC aimed to increase merchandise exports at an average of 15 percent beginning this year for the $53.1 billion in revenues last year to $92.92 billion by calendar year 2016. The original target was for the export of goods to double by the end of the planned period.

The new targets are expected to raise export earnings to $61 billion this year, $70.26 billion next year, $80.8 billion by 2015 and $92.92 billion in 2016.

The balance will be contributed by the services sector led by the business process outsourcing (BPO) industry which is targeted to hit $27.2 billion in the same year. Revenues from this segment of the export industry were tagged at $17.77 billion last year.