Electronics demand to drive exports to $100 billion

Philippine exports of goods may reach the $100-billion mark this year, bolstered by demand for electronic products, according to the country’s umbrella group of exporters, Philexport. Philexport President Sergio Ortiz-Luis Jr. stated in a press briefing that merchandise exports could hit $100 billion this year, marking the country’s highest level of exports since 1991.

In 2021, merchandise exports reached $84.48 billion, the highest since 1991. Ortiz-Luis attributed the growth potential to two sectors, primarily electronic products and minerals. He emphasized that electronics are experiencing rapid expansion, and electronic products remained the leading exported commodity in August, generating $6.2 billion or 68 percent of total earnings.

Philexport expressed optimism about the minerals sector also driving export growth. In August, Philippine merchandise exports reached $9.11 billion, a 35-year high, and a 28-percent increase compared to August 2021. From January to August, merchandise exports totaled $64.04 billion, a 15-percent increase from the same period in 2021.

To sustain this export growth, Trade Secretary Cristina Roque affirmed that the Department of Trade and Industry (DTI) would continue supporting local businesses in meeting international standards, connecting with buyers, and penetrating new markets. Roque emphasized the DTI's commitment to establishing a Philippine brand that reflects global trust in Filipino products.