Driving Export Success: Nationwide Initiative for the PEDP 2023-2028

The Export Development Council (EDC) is preparing for the nationwide launch of stakeholder engagement sessions, a collaborative effort aimed at implementing the Philippine Export Development Plan (PEDP) 2023-2028. These sessions are not just about sharing information, but about fostering a sense of shared responsibility and involvement among stakeholders. They are designed to align efforts and promote government programs, with the active participation of key players in the sector.

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Philippine exports surpassed $100 Billion in 2023

The Philippines achieved a historic milestone in 2023 as the total exports of goods and services reached USD 103.6 billion, marking a remarkable 4.8% increase from the recorded export performance of USD 98.83 billion in 2022. However, this falls short of $23.2 billion below the 2023 target outlined in the Philippine Export Development Plan (PEDP). 

Director Bianca Pearl Sykimte of the Export Marketing Bureau (EMB), concurrent Executive Director of the Export Development Council (EDC), reported that the Agriculture and Agri-Based Exports sector reached 6.6%, surpassing the 2023 target of 5.1%. Similarly, the ambitious target for the Transport Products also demonstrated significant growth, breaching 5.4% in 2023, exceeding the expected target of 4.2%. 

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PH Export Slump: Impact on 2024 Growth Forecasts

The Philippines faces hurdles in reaching its 2024 growth target due to a significant slump in exports. Weak export demand, particularly from key markets like the United States and China poses a challenge. 

Economists and experts have varying projections for the Philippine economic performance this year. While the Development Budget Coordination Committee (DBCC) remains optimistic with growth projections of 6.5 to 7.5 percent growth, others like the First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) anticipate slower GDP growth of at least 6.0 percent this year. 

A recent publicly featured study by the Philippine Institute for Development Studies (PIDS) titled “Macroeconomic Outlook of the Philippines in 2023–2024: Prospects and Perils” predicts economic growth in 2024 to be between 5.5 and 6 percent, with inflation dropping to the target range. This study presents conditions shaping the global and regional outlook, projections on growth and consumer prices, and prospects coming into 2024. For further details, the complete study by PIDS is can be accessed through this link

Analysts anticipate the Bangko Sentral ng Pilipinas (BSP) to lower interest rates to stimulate investment growth, aligning with predictions of below-target growth in 2024. AOB

PHILEXPORT urges government to increase budget for export to achieve PEDP 2023-2028 goals

Mr. Sergio R. Ortiz-Luis Jr., EDC Vice Chair and PHILEXPORT President mentioned in an interview that the country’s export target is currently falling short of this year’s target, which is only about to reach $115B. External factors, such as issues related to the Ukraine-Russia and Israel-Hamas war, have contributed to this gap.

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EDC to cascade the PEDP 2023-2028 at Regionalization Roadshow

The Export Development Council (EDC) in partnership with the DTI-Export Marketing Bureau and PHILEXPORT, gears up to cascade the promotion of the Philippine Export Development Plan (PEDP) 2023-2028 in the regions. The EDC will commence the PEDP Regionalization activities starting the latter part of August to middle of November, through a series of Seminars and Workshops at identified top exporting regions in Luzon, Visayas and Mindanao, specifically in (1) NCR, (2) Region III-Pampanga, (3) Region IV-A-Laguna (CALABARZON), (4) Region VI-A-Iloilo City, (5) Region VII-Cebu City, (6) Region X-Cagayan de Oro City, (7) Region XI-Davao City and (8) Region XII-General Santos. 

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Government agencies show strong support to PEDP 2015-2017

In continuous support to the Philippine Export Development Plan (PEDP), concerned Agencies under the Memorandum Circular (MC) No. 91 are keen on achieving their Programs, Activities and Projects.

In the recent PEDP meeting, the DOH-FDA reported on the full implementation of E-registration of the products which started in October 2016, wherein, the said implementation already includes the medium and the high risk products. Moreover, the issuance of the License to Operate (LTO) and Certificate of Product Registration (CPR) processing are still centralized, Target implementation for the decentralization of issuance of LTO and CPR is seen to happen within the year. Continue reading “Government agencies show strong support to PEDP 2015-2017”