EXPORTERS are confident of a double-digit growth this year on the back of projections that major markets will continue to recover, the peso’s depreciation, and efforts to double funding for overseas product promotions.
In a recent general membership meeting, Philippine Exporters Confederation Inc. (Philexport) President Sergio R. Ortiz-Luis Jr. cited recent business surveys and industrial production data pointing to a firming up of the recovery in the United States and Europe.
The US followed Japan as the top exports markets for the Philippines in July 2017. By economic bloc, the European Union (EU) member-countries ranked third, following East Asia and Association of Southeast Asian Nations member-countries.
Ortiz-Luis said trade between developing countries, or South-South trade, is also projected to reach one-third of world trade by 2020.
He pointed that the BRICS bloc, or Brazil, Russia, India, China and South Africa, is betting more on “blue ocean” for development given their abundant natural resources and growth momentum.
He said closer cooperation and trade on offshore oil and gas, port construction and logistics are expected.
As China pledged tens of billions of dollars in infrastructure financing and development aid as part of its One Belt, One Road initiative, Ortiz-Luis added that nearly 70 countries have signed agreements with China to promote economic integration and free global trade.
Trade and Industry Secretary Ramon M. Lopez has sought to double the budget for international product promotions to compete with other countries in marketing products and services of micro, small and medium enterprises.
Ortiz-Luis further noted the country’s robust economic growth and industry performance.
“This gives us a positive signal that demand is recovering… If this trend is sustained, we can be more confident of a double-digit growth. But still, we have a lot of catching up to do given the impressive performance from some Asian economies,” he said. (Philexport News and Features)