The Philippines has lowered its export target for the year 2022 from $130 billion to $103.9 billion.
Department of Trade and Industry (DTI) Secretary Ramon Lopez explained that the previous $130 billion target was hardly attainable due to the Coronavirus Disease 2019 (COVID-19) pandemic which affected food, fabric, and furniture industries.
Lopez is confident that new businesses this year will make way to achieve the new $103.9 billion target through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and the Bayanihan to Recover as One (Bayanihan 2) Act.
The DTI will also give attention to businesses related to electronics, automotive, e-vehicle parts, and processed food and minerals to reach export targets. – PTV News
