DTI expects a P110bn rise in exports for 2023 despite budget cuts
The Department of Trade and Industry (DTI) is confident that the exports of goods and services in the Philippines will reach $110 billion in 2023 despite the government’s budget cut.
Citing the agency’s data for 2022, the total merchandise exports in the first seven months of the year rose 5.4% year-on-year to $44.7 billion.
The DTI said they are working hard to sustain export growth following the COVID-19 pandemic.
However, under the 2023 National Expenditures Program, the DBM approved a P22.196-billion budget for the DTI, down 10% from last year.
Micro, small and medium enterprises (MSMEs) programs suffered a budget cut of P1.2 billion, while funds for Go Negosyo Centers dropped by 12.78% despite President Ferdinand Marcos Jr.’s clear policy pronouncements to support these industries,
The agency’s One Town, One Product program also had a five per cent budget cut for 2023.
Meanwhile, the Shared Services Facilities, the Livelihood Seeding Program-Negosyo, and Serbisyo sa Barangay would have zero capital outlay for 2023.
The budget for DTI’s attached agencies and corporations declined by 22% to P1.71 billion from P2.19 billion.
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