Exporters Tap Emerging Markets, FTA Partner Countries
Filipino exporters are continuously tapping emerging markets and countries the Philippines has free trade agreements (FTAs) with in efforts to double exports to $120 billion by 2016.
Senen Perlada, director of the Department of Trade and Industry (DTI) Bureau of Export Trade Promotion (BETP), underscored this amid the 6.2-percent decline in exports in January to March this year to $12.1 billion from $12.9 billion last year. Export earnings however rose 0.1 percent in March. It also increased by 15.7 percent on a monthly basis.
"We are expanding our horizon towards emerging economies where there are some activities (and) hopefully, explore better opportunities in Turkey and Russia. But for the most part, the Philippines is concentrating on 15 to 16 countries with whom we have FTAs already," Perlada said.
He identified South Africa as another emerging market for Philippine products. It was already the seventh biggest destination of local goods in February.
Perlada also expects Japan's rising exports will benefit the country, noting "because a lot of Japanese companies are exporting products which have Philippine components. Their exports are increasing because of a very competitive yen now, so i think that's a bright spot that we can have."
Apart from exploring business opportunities in these markets, the trade official cited the need for exporters to develop new products and undertake more product promotions to reverse export decline.
Perlada said that over the long term, the roadmap effort is necessary to develop and realign industry development with market needs.
He said the implementation of these market strategies along with the growth of services and non-electronics exports are crucial for achieving a positive growth this year. …