Export sector bullish on 5% growth target

CEBU, Philippines — The export sector is confident to hit its five percent growth target this year noting signs of recovery in the past few months.

The onset of the Christmas season is highly anticipated to perk up the purchasing appetite of consumers, thus pulling up the sector towards the recovery track, said Philexport president Sergio Ortiz-Luis Jr. in a statement.

Ortiz said the sector still has to toil a 7.5 percent points to achieve its target, but based on the current momentum, he is optimistic that five percent growth is reachable.

In Central Visayas, Department of Trade and Industry (DTI-7) regional director Asteria Caberte reported that most exporters have been experiencing good performance in the recent months, especially manufacturers of fashion accessories, home decors, among others.

The country’s total export sales posted a minimal decrease of 0.1 percent from $5.704 billion in June 2017 to $5.700 billion in June 2018. This was due to decreases posted by other mineral products; chemicals; ignition wiring set and other wiring sets used in vehicles, aircrafts and ships; and fresh bananas.

He added that there are some improvements in the market.

“Electronics seems to be doing well,” he said.

Ortiz-Luis also pointed out that services sector is also growing better than manufactured exports.

The Philippines’ traditional markets are Japan, United States and China. (FREEMAN)