PH's first trade surplus in decades by 2022?

The Philippines is still aiming for its first annual trade surplus in about "two to three" decades by 2022 on the back of policies that are aimed to spur value-adding activities in the manufacturing sector as well those that will support the favorable exchange rate for exporters.

At the sidelines of the National Export Congress held in Pasay, Trade Secretary Ramon Lopez told reporters that he is still hoping for the country to reach a trade surplus by 2022 after "two to three decades."

A trade surplus is an economic indicator measuring the balance of trade in a country, or whether its exports exceed its imports.

"It is important for the production capacity to be that high. We have to go beyond raw materials... we have to put more value in the products or services being marketed," Lopez said.

"We’ve [also] been looking towards on policies on the exchange rate. Weaker currency allows local exporters to be competitive. It encourages more investments," he also said during his keynote speech at the Congress.

Right now, the country has pegged an export target of US$122 billion to US$140 billion by 2022, which would ensure an economic growth between 8.7 percent and 10 percent annually.

Exports in the Philippines currently account for nearly a third of the Gross Domestic Product (GDP), based on a data from World Bank. Major exports products are electronics (42 percent), other manufactures (10 percent) and woodcrafts and furniture (6 percent).

The Philippines is also the world’s largest producer of coconut, pineapple, and abaca. For these products, our main export partners are Japan, the United States, China, and Hong Kong.