Connect with us

Hi, what are you looking for?


Trade dep’t revises export targets for 2021, 2022

THE TRADE department revised its export targets for this year and 2022 to reflect the extent of the impact of the coronavirus pandemic and sluggish global demand.

“In this revised set of targets, we will reach $105 billion by 2022, but still growing from $91.7 billion in 2021,” Trade Secretary Ramon M. Lopez said in a statement.

The $105-billion target by 2022 is slightly higher than the $103.9-billion target the Trade department announced on Jan. 3.

Asked why the department revised its targets anew, Mr. Lopez told reporters via Viber: “Lumabas na kasi ’yung January to November. That pushed up the 2020 base year (The January to November data pushed up the 2020 base year).”

He noted the exports decline for 2020 is estimated at 13.5%, as economic activities were halted during the strict lockdown from mid-March to end-May.

“The positive growth of 2% in September and 3% in November last year was not enough to totally offset the decline in the first half of 2020 which was the height of the lockdown. But export numbers continued to improve month on month reaching positive growth by September and November versus their same month previous year numbers,” Mr. Lopez explained.

“We can write off the 2020 numbers, so to speak, but the rebound is expected this year 2021, where we expect to bounce back to a +12.5% in 2021 and +14.8% in 2022,” he added.

The Trade department considers the targets as “fighting targets,” Mr. Lopez said, noting it had “intensive consultations” with each export sector and stakeholder.

“This also means that we shall exert all efforts in terms of policies and support programs to assist the export sector and help them achieve these fighting targets,” he added.

Under the Philippine Export Development Plan (PEDP) 2018-2022 roadmap, goods and services export revenues were earlier projected to reach $122 billion-$130.8 billion by 2022 after a compound annual growth rate of 8.89-9.96%.

The department expects the proposed economic reform legislations, infrastructure, and digitalization programs to boost the country’s export capacities.

The reforms should also “unleash our potential in higher value sectors such as in electronics, automotive, aerospace, IT BPM, copper and the creative industries, plus the potential in halal exports,” Mr. Lopez said. — Arjay L. Balinbin

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Keisha B. Ta-asan, Reporter THE NATIONAL Government’s (NG) outstanding debt hit a record-high P13.75 trillion as of end-February as domestic borrowings increased, the...


STATE SPENDING on infrastructure rose by 13.4% in 2022, as the government ramped up public works and transportation-related projects. According to the Department of...


BUSINESSES NOW have a more optimistic economic outlook this year, amid a return to pre-pandemic normalcy and increased consumer demand, a survey by the...


SEVERAL former government officials are opposing the plan to merge Landbank of the Philippines (LANDBANK) with the Development Bank of the Philippines (DBP), saying...


MONDE NISSIN CORP. suffered a net loss of P13.03 billion in 2022, a reversal of its P3.12-billion net income a year earlier, due to...


MGEN RENEWABLE Energy, Inc. (MGreen) is keen to expand its 68-megawatt-alternating current (MWac) solar plant project with Vena Energy in Ilocos Norte. “This is...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.