Marcos orders support measures for exporters

THE Department of Trade and Industry (DTI) said President Ferdinand R. Marcos, Jr. has ordered it to undertake measures to support exporters.

Trade Secretary Ma. Cristina A. Roque said the support activities include providing targeted market intelligence, facilitating business matching, and organizing international trade missions.

“Amid global challenges like geopolitics and supply chain issues, Filipino businesses continue to find ways to grow and compete. Their strength helps boost our export performance,” Ms. Roque said in a statement on Thursday.

Citing the Philippine Statistics Authority, the DTI said merchandise exports in June grew 26.1% to $7.02 billion, led by mineral products, machinery and transport equipment, gold, manufactured goods, and coconut oil.

The US remained the Philippines’ top export destination accounting for $1.21 billion or 17.3% of the total. Other top markets were Hong Kong and Japan.

Export Marketing Bureau Director Bianca Pearl R. Sykimte attributed the strong export performance in the US market to the “accelerated deliveries by exporters in anticipation of potential tariff adjustments.”

“While this contributed to the June surge, it also underscores the importance of diversifying our export markets,” she said.

“We are actively working to support sectors that are heavily reliant on the US by opening new trade avenues and strengthening our presence in emerging and strategic markets,” she added. — Justine Irish D. Tabile