Philippine exports to grow by 11% in 2013

The Philippine exports industry is expected to grow by 11 percent in 2013 from 2012’s 9 to 10-percent target on the back of robust services exports and improving electronics revenues.

Philippine Exporters Confederation, Inc. (PHILEXPORT) president Sergio Ortiz-Luis said  apart from electronics, which make up about half of the Philippines’ total shipments, furniture and fixtures, metal products and agriculture products can boost next year’s exports growth.

“On the services side, it would be tourism and BPOs (business process outsourcing),” he said. 
Ortiz-Luis expressed optimism of hitting such high growth next year despite the problems in the United States and Europe and the peso appreciation affecting especially the export sector.

Exporters are looking for new markets and developing innovative products.

Ortiz-Luis believed that a 9 to 10-percent export growth this year is achievable considering the big rebound starting September.

Exports for January to October period already reached $44.475 billion, posting a 7.1-percent growth compared to the same period last year.

With the high 10-month export revenues, the Philippines is now to close to reaching or surpassing this year its all-time record of $51.4 billion in merchandise exports achieved in 2010.

The public-private Export Development Council (EDC) expects to hit at least $52 billion to $53 billion in export sales by end of 2012.

The Philippines aims to achieve an 11-percent growth in the next three years to be able to double up exports to $120 billion by 2016.