EDC sets new export targets amidst pandemic
The Export Development Council (EDC) in its Joint Council and Executive Committee Meeting on 20 January 2021, adjusted the export targets in the Philippine Export Development Plan (PEDP) 2018-2022. The new targets are US$91.7B in 2021 and US$105.3B in 2022.
The adjustments were recommended by the Export Marketing Bureau after a thorough review and simulation considering the world economic situation due to the COVID 19 pandemic, the assumptions of the Development Budget Coordination Committee (DBCC) and the data from the Philippine Statistics Authority (PSA).
Due to the unprecedented global health crisis in 2020, the estimated total exports decline is at -13.6%. However, Filipinos remained resilient despite the pandemic, resulting in export growth of 2.2% in September 2020 from the -12.8% in August 2020 and 3% in November 2020.
The export performance continued to improve and grow month on month and is projected to reach a 12.5% growth in total exports this year and 14.8% in 2022, taking account of the new fighting export targets.