PRESIDENT Ferdinand Marcos Jr. on Thursday led the launch of the Philippine Export Development Plan (PEDP) 2023-2028 that aims to boost the country’s competitiveness in the global market.
The plan seeks to increase Philippine merchandise and services exports from $126.8 billion this year to $240.5 billion by 2028.
“But as with any other plan, everything will come down to its effective and efficient implementation. So, together, with a whole-of-nation approach, let us once again declare our slogan: ‘Let’s make it happen’,” Marcos said in his speech during the International Trade Forum organized by the Department of Trade and Industry (DTI) in Taguig City.
The President said he will endeavor to transform the local export industry into a “strong and highly competitive pillar of the Philippine economy” until the end of his term in 2028.
Marcos said the country must diversify its products in the global market, noting the Philippines is lagging among countries in the Southeast Asian region in terms of product variety.
“We still have to grapple with critical issues, such as a comparatively less-diversified export portfolio and trade barriers and frictions. I came across a rather eye-opening statistic when we were planning on and putting together this export plan for the Philippines — 40 percent of all our exports are only one product. So, the level of diversification is something that we have to look at, and we have to improve in the coming years,” he added.
Marcos said the implementation of the Regional Comprehensive Economic Partnership agreement in the Philippines will widen market opportunities, foster more cross-border regional value-chains, increase attractiveness to foreign direct investments, and promote easier participation of micro, small and medium enterprises in regional trade.
The PEDP will focus on industrial; machinery and transport; technology; media and telecommunications; health and life sciences; modern basic needs; and resilient economy.
Trade Secretary Alfredo Pascual said the initiative will empower Philippine industries to attract more foreign direct investments.
“Empowering our industries not just to survive but flourish in a dynamic global landscape … and perhaps most critically, attracting investments to enhance, expand, and diversify our production capabilities,” Pascual said.
Source: https://www.manilatimes.net/2023/06/16/news/national/president-leads-pedp-launch/1896283/amp
PEDP Detailed Report: https://dtiwebfiles.s3.ap-southeast-1.amazonaws.com/EMB+Microsite//Publications/PEDP/PEDP+2023+-+2028.pdf
