THE Philippines may still have room to push its exports beyond the government’s 2026 forecast, even as officials acknowledge that the country is still working out how much growth it can realistically deliver.
The Export Marketing Bureau (EMB), an attached agency of the Department of Trade and Industry (DTI), said it remains cautiously optimistic that goods and services exports could outperform the Development Budget Coordination Committee (DBCC) projections.
‘We’ve seen the DBCC forecast about 3 percent for goods and 4 percent for services. We are cautiously optimistic that we’ll surpass that forecast,’ EMB Director Bianca Pearl Sykimte told reporters recently in Pasay City.
Sykimte, however, said the agency was still working on the numbers, echoing DTI Secretary Ma. Cristina Roque’s remarks in July that the department did not yet have a firm export projection but was already discussing the outlook.
Roque had said the Philippines remained on track to become an export powerhouse, with the government counting on the completion of key free trade agreements to sustain export growth.
The government’s goal is to transform the Philippines into an ‘agile export powerhouse’ by 2028, a target outlined by President Ferdinand R. Marcos Jr. in 2023 under the Philippine Export Development Plan (PEDP).
The updated PEDP presented by the Export Development Council in December, however, set lower export targets than those originally envisioned. It projects total 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 latest trade data show why raising export growth remains a challenge.
Recent data from the Philippine Statistics Authority showed that exports reached $54.92 billion in the first seven months of 2026, against imports of $92.26 billion, leaving the country with a $37.34-billion trade deficit.
Electronic products remained the country’s largest export commodity during the period, accounting for $4.79 billion, or 58.8 percent of total exports.
‘I still hope our exports will strengthen as it’s really lacking in volume. That’s our challenge here with the exchange rate,’ Remolona said.
The peso subsequently closed at a record-low P62.265 against the US dollar on August 28, according to the Bankers Association of the Philippines.
The weak peso also complicates the export picture for manufacturers, with the Federation of Philippine Industries noting that many exporters remain dependent on imported raw materials and components whose costs rise as the peso depreciates. See story ‘FPI: P62 to dollar isn’t the windfall it seems.’
Still, EMB sees room for exports to finish stronger than the baseline forecast. ‘So far, the first half of the figure is still double digits,’ Sykimte said. ‘So, hopefully, yes.’