Export growth goal up for revision; March data awaited

A planned upward revision of this year’s 16% export growth target was reiterated on Friday by the Export Development Council (EDC). The public-private sector group, however, will hold off from announcing an exact number at least until official March sales data are received next month, EDC co-chair Sergio R. Ortiz-Luis, Jr. said in a telephone interview after their monthly executive committee meeting. "We will probably revise it upwards," Mr. Ortiz-Luis said in Filipino, noting that January and February export sales were already up by 42.43% to $7.146 billion. "We will review the numbers again when the March data is in because the surge so far is too big. It’s extraordinary. We would like to wait for it to settle," he added. Time should also tell whether the strengthening peso -- which makes Philippine products more expensive to foreign buyers -- will impact the rosy outlook, Mr. Ortiz-Luis said. The peso, which has been trading in P44 per US dollar territory, closed at P44.46 to the greenback on Friday, up 19 centavos. Exporters have said they would be more comfortable if a dollar costs P46. The current 16% growth forecast, meanwhile, is already a revision of the EDC’s earlier 10% projection. The central bank this week its export sales outlook, to 12% growth from the 7% announced in October last year. Export sales last year plummeted by 21.91% to $38.327 billion. -- Jessica Anne D. Hermosa, BusinessWorld