DTI aims to double PH exports to $120B by 2016

Manila , Philippines — Despite global economic uncertainties, the Department of Trade and Industry said it has been targeting to double the value of Philippine exports to $120 billion by 2016, from $51.5 billion as of the end of 2010.

Trade Secretary Gregory Domingo said in a statement that they have been working to generate an additional 9.1 million new job opportunities by 2016, through a three-pronged strategic framework that covered product, market and promotions.

Among the key export sectors that could spur substantial growth are the Information Technology and Business Process Outsourcing sectors, electronics, agribusiness (fresh/processed/marine food products and coconut), minerals, shipbuilding, motor vehicle parts, garments/textile, home style, and wearable, according to Domingo.

But to further help the government in achieving its targets, Domingo said that exporters must also “rise above the global challenges and boost their performance by adding value to their products and services.”

“Since the global financial crisis, trading worldwide has shifted to multi-country sourcing, domestic and international integration, and vying for preferential regimes,” Domingo said.

The core product strategy, he explained, would be for the local export supply to move along the value chain. This meant that Philippines businesses have to be more unique in order to be more competitive in the global market. Exporters have to achieve strong creative input, reliable raw materials and effective branding, he added.

“The DTI’s International Trade Strategy fully supports the administrative vision of attaining inclusive growth with the extent of local value-addition of the product or service, and a more deliberate approach at integrating poor communities into the export-value chain, either through their agri- based resources, or the use of other natural resources,” Domingo said./INQUIRER