EDC revises export targets for 2016-2017
Export Development Council
September 20, 2016
The Export Development Council (EDC), in its meeting last 22 July 2016 agreed that the revised export target for 2016 will be flat or 0% on goods, +9% on services and +3% on total exports and retain at +3% for total exports for 2017. EDC decided to be more conservative this time considering continuing sluggish global demand and world trade which impact many economies, including the Philippines.
EDC- Executive Committee Chair, Undersecretary Nora K. Terrado said that we should be mindful of the current global trends since a lot of economies have slowed down particularly the major destinations of our exports.
The total export target set in the PEDP 2015-2017 was 6.6-8.8% for 2016. However, the first five months performance of merchandise exports is down at negative 6.6%.
It can be recalled that the Development Budget Coordinating Committee (DBCC) has also downgraded the merchandise export projections to 3% growth in 2016 and 6% growth in 2017.