DTI ramps up efforts to increase exports

will focus on investment promotion and strategic activities as part of the government’s efforts to increase the country’s exports.

In a Viber message on Wednesday, Trade Secretary Alfredo Pascual said the country’s export performance remains to be largely affected by the tapering demand for semiconductor, which account for almost 40 percent of total merchandise exports.

“Industry players expect this to be temporary as global investments in semiconductor manufacturing have been increasing significantly. Thus, we need to position the Philippines to take a greater share of this increasingly important global value chain,” he said.

Data recently released by the

Philippine Statistics Authority (PSA) showed that exports which amounted to USD6.52 billion in March, declined by 9.1 percent from last year’s USD7.1 billion.

Citing a study conducted by the International Trade Center, Pascual said the country has the potential to increase exports by as much as USD49 billion based on the Philippines’ supply capacity, the demand conditions in the target market, and bilateral linkages between the Philippines and the target market.

To achieve this, Pascual cited the need to make products and services more visible in international