Export goals under the Philippine Export Development Plan (PEDP) have been revised downward to reflect mounting global trade uncertainties, a senior Trade Department official said on Thursday.
Bianca Pearl Sykimte, director of the Export Marketing Bureau and executive director of the Export Development Council, confirmed that the 2025 target had been reduced to a range of $110.8 billion to $113.4 billion, down sharply from the previous target of $163.6 billion.
Targets for 2027 to 2028 were also lowered. Export goals were revised to $116.1–$120.2 billion for 2027, $123.3–$127.4 billion for 2028, and $132.8–$135.1 billion for 2029. These were previously set at $186.7 billion, $212.1 billion, and $240.5 billion, respectively.
Sykimte said the adjustments were necessary given the impact of geopolitical tensions, rising U.S. tariffs, reduced shipping capacity due to low water levels in the Panama Canal, and continuing Red Sea disruptions caused by attacks from Houthi rebels.
Despite the lower targets, she expressed optimism for the full-year performance, noting improvements in recent months. Electronics and semiconductors are likely to drive growth in the final two months of the year, although she emphasized that gains are being recorded across multiple sectors.
Latest Philippine Statistics Authority (PSA) data show exports rising 13.8% year on year to $70.43 billion as of October. Outbound shipments in October alone reached $7.39 billion, up 19.4% from a year earlier, with electronic products accounting for $4.18 billion.
The revised PEDP goals follow adjustments made by the Bangko Sentral ng Pilipinas (BSP) in its October balance of payments outlook. Merchandise exports are now expected to reach $55.6 billion this year, slightly higher than the earlier estimate of $54.5 billion.
Services exports, however, were downgraded to $52.6 billion from $55.1 billion. The outlook for travel receipts was cut to $9.4 billion from $10.7 billion, while business process outsourcing revenues remained unchanged at $33.5 billion.
In its latest assessment, the BSP said goods exports and imports are likely to remain sluggish due to softening global demand, lower commodity prices, and slower domestic growth momentum.
It added that infrastructure investments, potential trade diversion, and efforts to diversify the country’s trading partners could help cushion external shocks.
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