Connect with us

Hi, what are you looking for?

News

IT-BPM prime candidate to diversify export base – Lopez

Trade and Industry Secretary Ramon M. Lopez said the Information Technology and Business Process Management (IT-BPM) sector will take the lead in “diversifying” the export base in the medium-term export development plan.

“We really need to diversify our exports since now, a big chunk of our exports are accounted for by basically the big exporters and big sectors like electronics at 60%, our other agriculture products and processed food,” Mr. Lopez said during the Laging Handa press briefing on government TV.

“We are seeing now a strength in the service export like IT-BPM and the creative services including film, music, software, and game development,” he added.

The industry will be counted on to take a more prominent role when it issues the Philippine Exports Development Plan 2022-2027 (PEDP), he said.

In October, a study conducted by the IT and Business Process Association of the Philippines projected the industry’s revenue at will hit $28.8 billion in revenue by end of this year, with growth of 8% in 2022.

Mr. Lopez also noted the potential in other products such as gifts and housewares, design-oriented garments and furniture, and halal items.

“Halal exports ar basically a green area for us, meaning it’s full of potential (that) we haven’t tapped yet. There’s a market worth $3.30 trillion which we haven’t maximized,” Mr. Lopez said.

The department also said it needs more certifying bodies to accredit products as halal, compliant with Islamic dietary rules.

The Philippine Statistics Authority (PSA) issued preliminary data indicating a 6.3% increase in the value of exports in September to $6.68 billion, against the year-earlier growth level of 3.4%.

Separately, Mr. Lopez said he is in favor of relaxing social distancing rules from one meter separation to 0.75 meters, in order to allow stores and restaurants to admit more customers.

“We are currently considering that especially inside the restaurants,” he said, noting that so far, the department hasn’t received any complaints from other businesses.

Under the current protocols imposed by the DTI, there should one meter of separation is required on all sides for restaurant seating and queuing areas. Other establishments are also required to observe one meter of social distancing.  – Marielle C. Lucenio

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Data is becoming the lifeline of businesses today. Organizations are beginning to realize that they have to know how to store and manage data...

News

Five-dollar bills are inspected at the Bureau of Engraving and Printing in Washington, D.C., March 26, 2015. — REUTERS THE PHILIPPINES’ dollar reserves dipped...

News

Families enjoy taking pictures around Luneta Park in Manila, Nov. 28. Economic managers are targeting 6.5-7.5% gross domestic product growth this year, and 6-7%...

News

Students attend a cooking class at the Technical Education, Skills and Development Authority (TESDA) training school in Taguig City, March 23. — PHILIPPINE STAR/...

News

Filipino fans attend K-pop group NCT 127’s concert at the SM Mall of Asia in Pasay City, Sept. 2. Aside from NCT 127, many...

News

SAM WORTHINGTON in Avatar: The Way of Water LONDON — Filmmaker James Cameron is taking audiences back to his visually mesmerizing world of Pandora,...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.