The Department of Trade and Industry (DTI) said that the country’s exports target this year may be revised upward, due to the forecast increase in electronics exports; although factors such as port congestion and the still-recovering US economy would likely temper increases.
“There is the possibility with electronics going strong, but we have to temper that with realities because the recovery of the US economy is not yet that firm. Demand for electronics is picking up but we don’t know if it is enough to offset impact of the port congestion,” Senen Perlada, director of the Bureau of Export Trade Promotion said.
Perlada told reporters that the Semiconductor Electronics Industry of the Philippines Inc. has increased its exports target range from 5 percent to 5-8 percent; thus, higher exports are forecast.
The trade director noted the rising trend in electronics exports – which accounts for 40-percent of the Philippines total exported mecxchandise – but qualified, “I don’t know of other factors because they said it is demand driven.”
The Development and Budget Coordination Committee has forecast an 8-percent growth rate this year, but the Exports Development Council will also be giving its recommended growth targets after it revises the Philippine Exports Development Plan.