Marcos: Diversify export portfolio

Unveils 6-year development plan, cites $49-b in untapped revenues

By Vince Lopez

PRESIDENT Ferdinand Marcos Jr. on Thursday unveiled a six-year plan to elevate the country’s export game to compete more effectively with its neighbors.

"The best are here in Asia. They are our competitors," President Marcos told reporters following the launch of the Philippine Export Development Plan in Taguig City.

"That is why we have to bring up our… export game a little bit and support our exporters so that they can compete in foreign markets. And that they are able to be not only suppliers but also industrial consumers of the products that are around the world,” he added.

In his speech during the event, Marcos stressed that the Philippines has been falling behind its ASEAN neighbors when it comes to trade.

"We still have to grapple with critical issues, such as a comparatively less-diversified export portfolio and trade barriers and fric- tions," he said.

"I came across a rather eye-opening statistic... that 40 percent of all our exports are only one product. So the level of diversification is something that we have to look at and we have to improve in the coming years," Marcos said.

Despite this, the President said he was confident that the industry was headed for a bright future, with $49 billion worth of revenues still untapped.

Aside from the PEDP, the Regional Comprehensive Economic Partnership (RCEP) would help the Philippines to boost its exports, Marcos said.

The RCEP, a free trade agreement among 15 countries, including the Philippines and its nine