The Philippine government establishes the Philippine Export Development Plan (PEDP), a roadmap to improve export performance and increase the sector’s competitiveness.
President Rodrigo Roa Duterte issued Memorandum Circular 62 on June 26, 2019, calling for boosting services exports, increasing the competitiveness of Philippine exports, and exploring new markets for Philippine products.
Aligned with the government’s Philippine Development Plan (PDP), the PEDP aims to increase export revenues from USD122 billion to USD130 billion by 2022.
“The task for PEDP 2018-2022 is determining the feasibility of the targets that would synchronize the PEDP with the six-year program of the Duterte administration (the PEDP 2018-22 five-year timetable is to catch up with the PDP),” the PEDP memorandum states.
“The export targets are seen to significantly contribute to short to medium term development objectives in the PDP and in ensuring they are integral to the long-term vision of the country as Ambisyon 2040,” the PEDP memorandum states.
The Philippine Economic Development Cluster, an executive body composed of 15 member agencies in charge of promoting inclusive, sustainable, and rapid economic growth, endorsed the PEDP 2018-2022 for President’s approval.
The PEDP was prepared by the Department of Trade and Industry (DTI) and released to the public on July 1, 2019. (PinoyPulse.com)