MANILA -- Projections on the country's exports revenues remain bright as robust demand is expected in the second half of 2018, according to the Philippine Exporters Confederation, Inc. (Philexport), the umbrella organization of local exporters.
In a statement Friday, Philexport President Sergio Ortiz-Luis Jr. said the group is optimistic their sector will hit its 5-percent growth target on revenues by the end of this year.
"Well, it [second semester] will be better than the first half because it is approaching the Christmas season so we expect it will be good," Ortiz-Luis said.
"There are some improvements in our markets. Electronics seems to be doing well. In agriculture, it's coconut [that is growing], the rest are going down. We hope that mineral products should contribute also," he added.
For the first half 2018, the Philippine Statistics Authority (PSA) reported a 3.8-percent decrement on merchandise exports revenue amounting to USD32.73 billion from USD34.04 billion in the same period in 2017.
Ortiz-Luis said he expects the upbeat services sector to buoy export revenues this year.
He mentioned that exporters are now planning to diversify their markets apart from traditional Philippine export destinations such as Japan, United States, and China.
Ortis-Luis explained that industry players are now looking to ASEAN to take full advantage of existing free trade agreements with neighbors. Apart from that, they are also setting their sights on the BRICS nations -- Brazil, Russia, India, China, and South Africa, he added.
The Duterte administration targets to raise export revenues to USD122 billion to USD131 billion in goods and services by 2022. (PNA)
