The Department of Trade and Industry (DTI) remains confident the Philippines can achieve its goal of becoming an ‘agile export powerhouse’ by 2028, with the government banking on new free trade agreements (FTAs) to sustain export growth despite global economic uncertainties.
Trade Secretary Ma. Cristina Roque said completing pending FTAs with the European Union, Canada and Chile remains one of the administration’s top trade priorities, saying the agreements would significantly improve the competitiveness of Philippine exports.
‘Yes, we are on track. We just need to complete the free trade agreements so he’ll [President Ferdinand Marcos Jr.] go down in history with 23 free trade agreements, the most ever,’ Roque told reporters on the sidelines of the DTI National Exporters Fair in Mandaluyong City on Wednesday.
She said broader preferential market access would help Philippine exporters compete more effectively with their counterparts in neighboring Association of Southeast Asian Nations (ASEAN) countries.
‘Sometimes we get outbid by our ASEAN neighbors just because of the preferential tariff,’ she said.
The administration adopted the goal of making the Philippines an ‘agile export powerhouse’ under the Philippine Export Development Plan (PEDP), first unveiled in 2023.
However, export targets were revised downward last year to reflect a more challenging global trading environment.
Under the updated PEDP presented in December, the Export Development Council projects exports of $116.1 billion to $120.2 billion in 2026, $123.3 billion to $127.4 billion in 2027, and $132.8 billion to $135.1 billion by 2028.
The council said the revised projections take into account disruptions in global shipping routes and uncertainty over US tariff policies.
Roque said the DTI has yet to finalize updated export forecasts.
‘We don’t have figures regarding the exports yet, but we’re really discussing that now,’ she said.
Business groups have also warned that renewed tensions around the Strait of Hormuz could disrupt global shipping and increase freight costs, although the DTI said it continues to monitor developments.
Despite these risks, government economic managers remain optimistic.
The Development Budget Coordination Committee expects merchandise exports to grow by 3 percent in 2026, accelerate to 4 percent annually from 2027 to 2029, and reach 5 percent by 2030.
Latest trade data also indicate continued momentum. Preliminary figures from the Philippine Statistics Authority showed merchandise exports rose 7.6 percent year on year to $7.87 billion in May.
For the first five months of 2026, export earnings reached $37.87 billion, up 10.6 percent from the same period last year, with electronics accounting for more than half of total shipments.