Due to the economic repercussions of the COVID-19 pandemic, the Philippines decided to reduce export projections for up to 2022 by a fifth to $103.9 billion, from the original $130 billion.
In a statement, Trade Secretary Ramon M. Lopez announced his agency’s decision to bring down the medium term export targets set under the Philippine Export Development Plan (PEDP) 2018-2022. Lopez explained that this decision was caused by a weakened demand for goods.
Further, services exports will be carried by the business process outsourcing (BPO) industry. The sector is looking at a 3.5-per cent growth for 2021 on the upswing in demand for health information, content development and creative outputs.