The head of the country’s largest group of exporters said they remained “hopeful” about posting growth this year despite the “America-first” policies of a Trump 2.0 administration.vola
Philippine Exporters Confederation, Inc. (Philexport) President Sergio Ortiz-Luis Jr. said US President Donald Trump, who is on his second term as chief executive, would likely have more friendly policies for the Philippines, a long-time partner of the world’s largest economy.
“I don’t think Trump will target the Philippines. I think he is more friendly with the Philippines,” Ortiz-Luis told reporters in a chance interview in Makati on Tuesday.
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FEATURED STORIES BUSINESS BIZ BUZZ: Makati CBD deed restrictions on way out BUSINESS UK backs third Heathrow runway in growth takeoff bid BUSINESS Canada central bank cuts key interest rate to 3.0%The Philexport official added that the group was hoping that Trump’s statements on ending the Russia-Ukraine conflict, as well as preventing war with China would be beneficial for the country’s exporters that need all the help that they can get as the industry remains challenged by competition and lackluster global demand.
“If (he) will do it in a peaceful way, then it will be good for investment because one of the things holding us back from getting investments is because we are perceived to be the first one to be a victim if there is a war in this part of the world,” he said.
Article continues after this advertisementDespite the optimistic outlook, the Philexport official urged the government to take steps to strengthen the local export industry, including allocating a bigger budget for the Department of Trade and Industry (DTI).
Article continues after this advertisement “The DTI (has) one of the lowest budgets. There are many expectations from them: price control, inviting investments. But when it comes to export measures, there’s nothing because there’s almost no budget,” Ortiz-Luis said. In 2023, the Philippines’ export industry failed to reach the $126.8 billion target set under the Philippine Export Development Plan, but still managed to reach a record high $103.6 billion in goods and service exports.The Philexport official said that there is also still room to refine the country’s customs processes and improve the ease of doing business in the country to ramp up exports.
Article continues after this advertisementIn a previous interview, Ortiz-Luis told the Inquirer that the country’s merchandise and service exports earnings would reach only $110 billion in 2025, falling short of government and private sector expectations.
The PEDP, as prepared by the Export Development Council (EDC), estimated that export earnings would reach $163.6 billion this year.
Article continues after this advertisementThe EDC, which is composed of government and private sector representatives, is expected to convene within the first quarter to re-calibrate targets.
Projections for the coming years under the PEDP are $186.7 billion for 2026, $212.1 billion for 2027 and $240.5 billion for 2028.
Preliminary data from the BSP showed that net income rose to P95.2 billion as of end-July, up by 414 percent from the P18.5 billion in the same period last year.
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