(MENAFN) According to Trade Secretary Ramon Lopez the Duterte administration intends to decrease the Philippines' trade shortfall, in a proposal to make a positive balance of trade in the next years.
Philippine newspaper Inquirer has reported that Lopez said the government wants trade to be balanced by the end of the ruling of President Rodrigo Duterte in 2022, emphasizing the need to improve structural reforms.
Lopez said: "With investments coming in you are building capacity year on year until such time you really have the capacity to supply the retirements of the economy and exporters, and send outside to export."
According to data from the Philippine Statistics Authority, trade deficit from Jan- Sep 2017 has decreased by 3% to 18.9b USD from a deficit of 19.5b USDin the same period last year.
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