Exporters brace for impact of tariffs

The country’s umbrella group of exporters has retained its forecast that the export of goods and services will fall short of the government’s target this year, as uncertainties about the reliability of the United States (US) market continue to grow.

- By DEXTER BARRO II

Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. said the industry group is targeting to reach $110 billion for the country’s exports.

This projection falls below the government’s target of $113.42 billion under the Philippine Development Plan (PDP) and $163.6 billion under the Philippine Export Development Plan (PEDP), which were both launched in 2023.

Ortiz-Luis said the export sector initially set its sights on reaching the PEDP target this year, but has since shifted to the more attainable PDP target.

“Officially, we have not changed the target. Pero ‘yung medyo reasonable, ‘yun na ang tinitignan namin (But we are now considering what is more reasonable),” he told reporters last week.