Department of Trade and Industry (DTI) Secretary Ramon Lopez on Thursday said the country’s export industry is still doing well amid the coronavirus disease 2019 (Covid-19) pandemic and prolonged community quarantine measures.
During the Laging Handa public briefing, Lopez said the export revenues in March 2021 showed that the industry is performing well despite headwinds due to the ongoing pandemic.
The Philippine Statistics Authority (PSA) reported earlier that export revenues for March this year rose 31.6 percent to $6.68 billion from a 15.8-percent decline in March 2020 at $5.08 billion.
Lopez added that export revenues in March this year is even higher than the pre-pandemic level.
“We can’t say that it’s only positive growth because 2020 was low since this is the beginning of the pandemic. But even versus 2019, we really saw growth on our exports,” he said.
The trade chief attributed the growth of exports to the government’s policy to allow 100 percent operation of companies in export activities.
He added that the electronics sector that accounted for 60 percent of the country’s exports and the information technology and business process outsourcing (IT-BPO), which is one of the top dollar earners for the country, continued to post growth despite local lockdowns as they were allowed to operate at full capacity.
Lopez said electronics industry rose 5 percent while IT-BPO sector grew by 2 percent, although lower than the outlook for each sector at 7 percent and 5 percent, respectively.
“This shows resilience despite the pandemic,” the top trade official said. “I would say (our export industry is) doing well.”
He added that the exports will continue to pick up with the country’s solid economic fundamentals. SOVEREIGNPH