Services exports to see slower growth this year
The Philippines’ services exports sector, which includes the business process outsourcing industry, is seen to post more sluggish growth this year than what it had aimed for. According to Senen Perlada, director of the Export Marketing Bureau at the Department of Trade and Industry, the expected slump will be ushered in by tight competition, among other reasons. Aside from BPO, the services export sector also covers the tourism industries. Perlada said that total exports are projected to reach USD93.8bn to USD96.4bn this year. Despite this, the Philippines’ total exports remain on track to hit the USD122bn to USD130bn goal by 2022, she said. Some quarters have lobbied for a revision of the Philippine Export Development Plan (PEDP) targets due to the slowdown in services exports, but Perlada said there is no need for a revision.