The export sector is seen recovering this year on the back of stronger trade relations with China and Russia, according to the Department of Finance (DOF).
The bullish export outlook takes into account the Duterte administration’s plan to tap China and Russia as major destinations for Philippine agricultural products and manufactured crafts, the DOF said.
President Duterte wants to explore opportunities with countries other than the country’s traditional trading partners in line with government plans to further open up
the economy to foreign investors.
About $46 million worth of Philippine goods are shipped to Russia every year, while China ranks as the fourth-largest buyer of the Philippine exports at $5.58 billion as of November 2016.
According to the latest Economic Bulletin submitted to Finance Secretary Carlos G. Dominguez III, the government should continue to implement the necessary programs vital to improving the export sector.
The Philippine Statistics Authority said exports fell 7.5 percent to $4.732 billion in November 2016, from $5.118 billion in the same month in 2015.