BUSINESS TALK
By PCCI CHAIRMAN WILLIAM S. CO
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In today's interconnected global economy, the Philippines must harness its competitive advantages and maximize its economic potential.
Thus, President Ferdinand Marcos Jr.’s approval of the Philippine Export Development Plan (PEDP) is a welcome development.
The PEDP stands as a comprehensive roadmap that showcases the country’s commitment to fostering a thriving export industry. By aligning government efforts with private sector participation, the PEDP lays the foundation for sustainable economic growth, job creation, and enhanced international trade opportunities.
The Philippines’ export sector has great potential to grow tremendously and be at par with its ASEAN neighbors and be a key player in the global arena.
Having the PEDP, which was formulated by the Department of Trade and Industry (DTI), will unleash the country’s potential as this will be the government and the private sector’s concrete guide to reach their individual and unified goals for the benefit of the export sector and the country as a whole.
As the vice chairman and trustee of PHILEXPORT, an organization of exporters in the Philippines, I strongly support this plan which is in line with our group’s mission and vision which is to propel the country towards a dynamic and self-sustaining economy.
The approved PEDP 2023 to 2028 is also in line with the Philippine Development Plan which was earlier released by the administration.
We agree on the plan to capitalize on export growth opportunities amid the current market trends, develop local industries, especially small and medium enterprises, and focus on making the Philippines a global player in terms of exports. Empowering SMEs helps level the playing field, ensuring that businesses of all sizes can participate actively in global markets. Strengthening export competitiveness not only fuels economic growth but also fosters an inclusive business environment.
The export plan is to undertake strategic actions to develop the export clusters: Addressing production constraints; developing a strong innovative export ecosystem; and increasing the Philippines’ mindshare in the global market. Priority clusters include industrial machinery and transport; technology, media, and telecommunications; health and life sciences; and, modern basic needs of a resilient economy.
Like any other business, to increase exports, it needs effective and strategic marketing. The PEDP also plans on supporting stakeholders in expanding and reaching new locations. This proactive approach is a crucial step toward reducing overreliance on specific industries or destinations. By identifying target markets and sectors with high export potential, the plan paves the way for businesses to explore new markets, forge new partnerships, and tap into emerging opportunities.
Market expansion will not only boost export earnings but will also strengthen the resilience of the Philippine economy.
Participation in trade fairs, exhibitions, and trade missions are also some of the activities that are in store for exporters to showcase their products to a wider audience, forge international connections, and secure new trade partnerships.
When it comes to processing the exportation of products, the PEDP recognizes the need for a favorable business environment. Thus, it is with much appreciation that the plan includes policy and regulatory reforms to eliminate barriers that impede the smooth flow of trade like streamlining export processes, reducing administrative burdens, and enhancing the overall efficiency of international trade.
We hope that everything goes smoothly in implementing all these plans towards unlocking the full potential of Philippine exports contributing to the nation's sustainable development.
We are positive the PEDP will be a big success!
(Dr. William S. Co is chairman of the Philippine Chamber of Commerce and Industry (PCCI) and director of the Agriculture and Fishery committee.)