Philippines hits US$100-billion export milestone

By Francis Allan L. Angelo

The Philippine Department of Trade and Industry (DTI) Secretary Fred Pascual announced that the nation’s exports surpassed the $100 billion mark for the first time in 2023, achieving a total of $103.6 billion.

The 4.8% increase from the previous year was primarily fueled by robust performances in the information technology and business process management (IT-BPM) and tourism sectors.

DTI-Export Marketing Bureau Director Bianca Sykimte, following BSP BPM6 data release, detailed the contributions of IT-BPM and the bounce-back of tourism to this economic feat.

Secretary Pascual commended the collaborative efforts with industry associations, such as the IT and Business Process Association of the Philippines, the Animation Council, the Game Developers Association, and the Healthcare Information Management Association, which spearheaded tailored interventions for industry growth.

Pascual also praised the Department of Tourism (DOT) for significantly boosting travel connectivity and local destination appeal, achieving a tourism revenue surplus for the first time in 15 years.

Tourism Secretary Christina Frasco’s efforts in realizing the National Tourism Development Plan (NTDP) 2023 to 2028 aimed at establishing the Philippines as a leading Asian tourism hub were highlighted.

The surge in tourism was quantified with travel services reaching $9.1 billion and over five million international visitors in 2023, marking a significant recovery for the industry. The Philippines also garnered acclaim, winning 15 international awards, including prestigious recognitions from the World Travel Awards.

While goods exports faced challenges, with a 3.4% decrease in electronics, services exports emerged robustly, expanding by 17.4%. The DTI remains proactive in strengthening this sector’s global reach as outlined in the Philippine Export Development Plan (PEDP) 2023-2028.

The USA continues to be the top destination for Philippine merchandise exports, and notable growth was seen in exports to India, which rose by nearly 53%. To improve export competitiveness, the DTI addresses VAT issues, facilitates green laning for exports, and has launched export talks across the nation.

Emphasizing technology and digital services, the DTI introduced a free e-curriculum for exporters and is implementing projects to promote Free Trade Agreements (FTAs).

Secretary Pascual stressed the need for shared ambition between government and private sectors to reach global excellence in exports. He acknowledged the challenges ahead but remained optimistic about enhancing the Philippines’ presence in the global market through competitiveness and innovation.

The DTI is committed to supporting Philippine exporters with tailored programs and invites inquiries through the DTI-Export Marketing Bureau at exports@dti.gov.ph or their online portal, tradelinephilippines.dti.gov.ph.