Connect with us

Hi, what are you looking for?

Economy

Export industry seeks more gov’t support for promotion

By Jenina P. Ibañez, Reporter

THE EXPORT INDUSTRY is asking for more funding for government promotion and product development initiatives to back the sector’s recovery from the coronavirus pandemic.

George T. Barcelon, the newly appointed chairman of the Philippine Exporters Confederation, Inc. (Philexport), said the Department of Trade and Industry (DTI) needs bigger funding to support such activities.

“The (DTI) budget is so small,” he said in a phone interview on Monday. The DTI and its attached agencies were allocated around P21 billion from the national budget for 2021.

Mr. Barcelon said the Trade department can assist product development and use data to identify which sectors to promote. 

“(DTI should) really encourage the domestic manufacturers. Manufacturers making products for the domestic market, they can always export their products,” Mr. Barcelon said. “(They should) encourage our various sectors to join international export shows.”

Merchandise exports in March jumped 31.6% to $6.68 billion compared with the same month last year, data from the Philippine Statistics Authority showed. Export growth that month was the fastest in over a decade, or since the 46.8% growth in September 2010.

This hints at some improvement after goods exports fell 10.1% to $63.8 billion in 2020.

Mr. Barcelon said the country continues to lag behind other Southeast Asian economies.

“We think that we have the advantage in terms of creativity, innovation, but we need to support our exporters,” he said.

Financing for smaller exporters continues to be a challenge, he said.

Applications for loans from the Small Business Corp. (SB Corp.) have been sluggish, as the government agency tightened lending standards. SB Corp. has been given additional funds to assist businesses affected by the pandemic.

Fewer small businesses have been applying for the loans amid low business confidence, Trade Secretary Ramon M. Lopez said.

Mr. Barcelon said it is difficult for the Philippines to penetrate the export market as it competes against Thailand, Indonesia, China, and Cambodia.

“But we do have a name: Filipino products — houseware, house decor. But ang problema, sa competitive na presyo nahihirapan tayo (Our problem is we have difficulty in pricing our products competitively),” Mr. Barcelon said. “It’s a matter of cost of doing business.”

Issues surrounding the export sector are varied, ranging from bureaucratic bottlenecks to employee training, he said.

In the meantime, he said that the DTI can select agriculture and manufacturing products to promote to specific markets.

“The (economies of) developed countries are just starting to pick up, so we should be able to help our exporters to rebound.”

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!

Latest

Investing

A cabinet split is hampering the government’s efforts to deal with the nationwide shortage of lorry drivers that threatens fuel supplies at some petrol...

Investing

Pubgoers are flocking back to their locals, according to figures that drew a cautious toast from the industry but also prompted warnings of fresh...

Investing

Ministers are backing a multibillion-pound plan to build another large-scale nuclear power plant in Britain to ease pressure on electricity supplies as the country...

Economy

The Philippines’ balance of payment position (BoP) hit $1.044 billion in August, the highest in four months, due to increased special drawing rights (SDR)...

Economy

Consumers were less pessimistic in the third quarter as more jobs opened up, but business sentiment turned sour amid a fresh surge in coronavirus...

Economy

The Philippine central bank fully awarded the short-term securities it sold at an auction on Friday, even as rates rose on growing inflation fears....

You May Also Like

Investing

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

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Disclaimer: SmartRetirementReport.com, 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.

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!