Department of Trade and Industry (DTI) Secretary Ramon Lopez on Saturday expressed elation over the rising of Philippine exports which have grown at its fastest pace in 10 months in November amid the persisting contagion.
The Philippine Statistics Authority (PSA), in a report Friday, said the country’s exports in November rose three percent from a year earlier to $5.8 billion, while imports declined at 18.9 percent to $7.5 billion.
The United States is the top buyer of Philippine export products, followed by China, Japan, Hong Kong and Singapore, according to PSA.
“Great to see exports back on positive territory. From a 50 percent drop in April at the h of the lockdown, it has generally climbed back upward month on month except for a minimal decline in the past month,” Lopez told the Daily Tribune.
He noted that the outlook is still due to the government’s continued efforts to reopen the country from trade and investments in the midst of the ongoing world health emergency, including the new strain of the coronavirus disease (Covid-19).
“But despite the decline in the past month, the general direction is toward a recovery as we have continued the gradual reopening of the economy,” Lopez said.
Last week, Lopez has adjusted the medium-term export projections to $103.9 Billion from the original build-up of $130 billion, set in the Philippine Export Development Plan (PEDP) 2018-2022.
The Trade chief explained that lowering the export projection for this year is because of the frail global demand and a decrease in production due to Covid-19 restrictions.
Industries affected in the lowered export projection include travel goods, garments, and wood-based industries were hit by the contagion.
“The new projection can also be viewed as a fighting target for DTI, given the challenges of the pandemic and the emergence of new strains, and given that this is higher than the $86 billion set by the Development Budget Coordination Committee (DBCC),” said Lopez.
Continued pick up of the export sector with the passing of Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and the extension of the Bayanihan 2 Act, as Lopez expects CREATE to be passed by the Lower House and Senate this month, if it gets through at the bicameral conference.
Credit belongs to : www.tribune.net.ph