(Image, news article, and data sheet drawn from iNFORMS, official e-newsletter of Export Development Council)
As the Philippines faces persistent challenges such as geopolitical tensions, protectionist trade policies from the United States, weather disturbances, natural disasters, global economic slowdown, and trade wars, the Philippine Export Development Plan (PEDP) targets are currently being reassessed for revision.
In 2024, the country’s total exports reached USD125.21 billion, with a total of USD73.23 billion of goods and USD51.98 billion of services exports. The value of goods export reflects a slight 0.5% decline from the USD73.62 billion reported in 2023.
According to the Philippine Statistics Authority (PSA) report, electronic products remained as the country’s top export, reaching USD42.7 billion. However, this reflects a 6.4% decline compared to the USD45.7 billion in 2023.
The country’s position in the service export sector is strengthened as it registered 7.54% growth from USD48.33 billion in 2023 to USD51.98 billion in 2024.
The 2024 Export Target achieved only 87% of the actual exports amounting to USD125.21 billion out of the USD143.4 billion PEDP target. Moving forward, the PEDP 2023-2028 remains focused on strengthening its strategies to support export growth.
During the Philippine Exporters Confederation, Inc. (PHILEXPORT)’s 1st General Membership Meeting, President and the Export Development Council (EDC) Vice Chair Sergio Ortiz-Luis Jr. reported that the Philippine economy posted a 5.6% GDP growth in 2024, ranking as the 8th fastest among 46 countries.
However, exports remain absent from the key growth drivers, with projections for goods and services at USD110 billion—falling short of the Philippine Development Plan (PDP) targets of USD113.42 billion in 2025 and USD135.08 billion in 2028.
The call for increased government support amid the insufficient budget for export promotion is seen to remain one of the longstanding challenges faced by the country’s exporters.
Below is the Philippine Export Performance data sheet for February 2025.
