Exporters lower target for 2025

The country's umbrella group of exporters has lowered its export projection for this year, citing the impact of the 19-percent tariff imposed by the United States on shipments coming from the Philippines.

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Philippine Exporters Confederation Inc. (Philexport) president Sergio Ortiz-Luis Jr. told reporters the group expects the country's total exports covering both goods and services this year to reach "between $105 billion and $110 billion."

Last month, Ortiz-Luis said the group was hopeful that total exports could reach $110 billion this year.

The latest export outlook is lower than the targets set under the Philippine Development Plan (PDP) and Philippine Exports Development Plan (PEDP).

While the group earlier decided to follow the export goal under the PDP, he said this may no longer be attainable due to the US tariff.

Under the PDP, the export target, initially set at $113.42 billion for this year, was adjusted to $115.49 billion.

The PEDP, meanwhile, has a higher export goal for this year at $163.6 billion.