Govt. should redouble efforts to boost export

 

 

 

By Rose de la Cruz

 

The government should redouble efforts to support export products with comparative advantage so that the trade sector can recover and pick up steam, the National Economic and Development Authority said.  

 

This is in view of the 7 percent decline in August 2019 of the country’s total trade as reported by the Philippine Statistics Authority (PSA) due to weaker exports and continued decline in imports.

 

“We must continue to initiate programs that provide comprehensive packages of support for products with comparative advantages, including related industries, to facilitate expansion in the international market,” said Socioeconomic Planning Secretary Ernesto M. Pernia.

 

Trade exports registered a paltry 0.6 percent growth for August 2019 backed by the modest performance of agro-based products, forest and electronic products.

 

Meanwhile, imports contracted by 11.8 percent as major commodity groups posted declines in imports of raw materials, intermediate goods, and capital goods.

 

While serving to narrow the gap in trade deficit, the persistent decline in imports may be an area of concern as production in sectors requiring import components have also decreased.

 

“As subdued investments in emerging markets, coupled with the persisting trade tensions, continue to hamper global expansion, implementation of timely reforms will vastly improve the country’s resilience to external shocks,” Pernia stressed.

 

Business models should also adapt to current demands and market trends by utilizing digital platforms that will increase production efficiency and expand their reach both locally and internationally

 

Legislations such as the proposed amendments to the Foreign Investment Act, Public Serve Act, and Trade Liberalization Act would go a long way in improving competitiveness through much needed foreign direct investments and innovation,” said Pernia. Relatedly, the country should deepen its relations with our usual trade partners while actively seeking new ones.

 

“As the market turns its focus toward advanced and frontier technologies, the country’s human capital development should prioritize intensified reskilling, retooling and upskilling initiatives that emphasize industry and academe coordination, to ensure that the labor market is adaptive and responsive to current and emerging market demands,” he added.

 

Moving forward, the current updating of the Philippine Development Plan 2017-2018 will seek to address the challenges of agriculture, industry and services sectors, among others.

 

Like us in Facebook

facebook like box joomla

Features

Latest News

BSP pushes adoption of National QR Code standard for payments

      To ensure the efficiency of payment systems in support of inclusive economic development, the Monetary Board has approved a policy requiring... Read More...
Investment outflows exceed inflows in September

    By Rose de la Cruz Foreign portfolio investments of Bangko Sentral ng Pilipinas-registered transactions for September 2019 showed net outflow... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Stupid Name Giver and Other Laughs

Stupid Name Giver Late one night, a burglar broke into a house. While he was sneaking around he heard a voice say, "Jesús is watching you."  He... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...
IMAGE A DELICATE BALANCE

Photo courtesy of Top Gear Philippines Officials of motorcycle-sharing service company Angkas must be grinning all the way to the bank. After a... Read More...
IMAGE TULOY ANG LABAN SA DENGVAXIA

MABUTI naman at tuluyan ng nagpasiya ang pamahalaan na sampahan ng karampatang kaso ang mga sangkot sa kontrobersyal na Dengvaxia anti-dengue... Read More...

Our Guests

Today709
Yesterday862
This week4873
This month14845
Total1380850

Visitor Info

  • Your IP: 18.204.48.40

Who Is Online

26
Online

Friday, 18 October 2019
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.