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Saturday, November 05, 2005
Exporters’ group, DTI bring down yearend target due to actual lows
Following a roller-coaster ride in the way the export industry performed for the first three quarters of this year, the Export Development Council (EDC) this week scaled down the sector’s total growth target of 10 percent as of last January to 7.07 percent by yearend.
The EDC business development managers, made up of representatives from key industries and the international trade group of the Department of Trade and Industry (DTI), projected that total exports by the end of December may hit $46 billion.
The whole year record in 2004 was $42.808 billion.
The EDC also projected a similar growth forecast of 7.07 percent next year or a total export revenue of $49.26 billion.
New forecast
The new forecast is below the fighting target made in the 2005-2007 Philippine Export Development Plan of $50 billion.
But if revenues from services exports like tourism, call centers, business process outsourcing—that include medical and legal transcription, auditing and accounting services, animation and backroom business operations contracted out in the Philippines from the US and Europe—will increase, the figure will exceed the target.
Even when those on the frontline have already scaled down export performance from double digit figures this year and in 2006, the Bangko Sentral ng Pilipinas (BSP) has called on export leaders to join an Exporters Forum on Nov. 8 to make a last-minute review of export performance this year, and countercheck the bank’s own projection on dollar earnings from exports in 2006.
Commitments
In an invitation to export leaders, BSP Gov. Amando Tetangco Jr. also made clear that besides counterchecking export performance and prospects, the BSP will make this week’s forum into a session where the individual commitments of government bodies in helping meet the growth targets set earlier by the government will be checked.
The commitments were made during the Philippine Export Congress last August when President Arroyo verbally told the agency heads to act decisively and promptly on issues and concerns presented during the congress. (Philexport News and Features)
(November 5, 2005 issue)
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