Exports boost via Tatak Pinoy urged

Exports boost via Tatak Pinoy urged | Daily Tribune

Elevating the quality and posture of Filipino workmanship on the global market through the Tatak Pinoy Act, according to the Department of Trade and Industry.

In a forum in Pasay City, Trade and Industry Secretary Fred Pascual said the strategy is a comprehensive industrial policy made for different stages of economic growth.

Pascual said local industry strengths are notably in hi-tech exports, particularly semiconductors and electronics, electrical machinery, and other ICT goods.

“However, sustained economic advancement hinges on diversifying into more complex product categories,” he added.

The trade chief contrasted the Philippines and Vietnam’s gross domestic product per capita, in which between 2006 and 2021, the former ventured into 30 new export products, contributing $41 to its GDP per capita, while the latter at 41 new products, registering a GDP per capita of almost $1,500.

“This stark contrast highlights the urgent need for a more robust approach to enhance the global competitiveness of our local industries and attract more export-oriented high-tech manufacturing companies to make the Philippines their production hub,” he added.

Priority clusters

Moreover, the priority industry clusters were identified as having high growth potential where the Philippines could compete. These clusters include the industrial manufacturing and transport cluster covering aerospace, electric vehicles, semiconductors and electronics, batteries, and ore processing of green metals such as nickel, cobalt, and copper; the technology media and telecommunications cluster, which encompasses IT-BPM and data centers, the creative industries, and the digital economy; and the health and life sciences cluster, which includes the biotechnology sector, pharmaceuticals, medical devices, and digital health products and services.

Lastly, the modern basic needs and resilient economy cluster involve the agroindustry, infrastructure, integrated steel, textiles, chemicals, plastics, and renewable energy.

Semiconductors and electronics are at the top of the priorities of Tatak Pinoy, constituting 62 percent of the country’s exports, equivalent to $45.6 billion, according to Pascual.

Improving trade

According to Trade Export Marketing Bureau director Bianca Sykimte, the country’s trade performance compared to last year is improving.

“We’re still up. But, when we’re looking at the 2022 figures, we’re still below the 2022 figures,” she said.

So while compared to last year, significantly, well, of course, our trade data is improving, but when we look at the 2022 figures, which is the base figure after the pandemic, we’re still performing lower, so that’s one of our considerations,” she added, stressing that local service exports are faring better.

Further, Sykimte said the new Philippine Export Development Plan targets are still under discussion with the Export Development Council.

She, however, expressed optimism about releasing the new export targets during the third quarter of the year.