THE Philippine Exporters Confederation, Inc. (Philexport) said exporters and manufacturers stand to tap a $12-trillion market by building sustainability into their businesses.
In a statement over the weekend, the group said a sustainability mindset will allow businesses to create new markets and expand current ones.
“They can unlock $12 trillion in business opportunities varying from industry and market by delivering on the United Nations Sustainable Development Goals (SDGs),” said Philexport President Sergio Ortiz-Luis, Jr.
“Working with a sustainability lens also enables companies to differentiate or build brands, penetrate new markets or new segments where sustainability matters, and develop new partnerships and sales channels,” he added.
He added that many investment funds and banks offer preferential terms to companies that align their activities with the SDG framework.
Aside from expanding markets, he said that exporters will need to comply with sustainability policies being imposed by the European Union (EU), the Philippines’ fourth-largest trading partner.
“It is estimated that the EU market represents a further $11 billion worth of unrealized export potential for the Philippines,” he added.
However, Mr. Ortiz-Luis said that the export targets under the Philippine Export Development Plan (PEDP) may be difficult to achieve amid new trade-restrictive measures on goods being imposed by G20 economies.
Citing the World Trade Organization, Philexport said that there are about 91 new trade-restrictive measures on goods introduced by G20 economies between mid-October 2023 and mid-October 2024.
These measures, along with geopolitical shifts, the effects of climate change, import regulations in key markets like the US and the EU, and inflation, can affect purchases of consumer goods, Mr. Ortiz-Luis said.
“Considering these developments, I believe that the ambitious targets set under the PEDP of $143.4 billion for this year and $240.5 billion by 2028 will somehow be adversely affected and difficult to achieve,” he added. — Justine Irish D. Tabile