Philippine Exports Rise To $5.2 Billion Under Duterte Administration

After 17 months of decline, Philippine exports grew by 5.1 percent in September to $5.2 billion due to upticks in all commodity groups – except forest products, the National Economic and Development Authority (Neda) said.

“Exports of manufactured products may continue to firm-up in the near term, possibly riding on the growth of the global industry sector,” said Socioeconomic Planning Secretary Ernesto M. Pernia.

Exports improved in September as revenues from manufactures (4.8 percent), agro-based (24 percent), petroleum (71.7 percent), and mineral products (4.7 percent) recorded year-on-year expansions.

Most Asian countries also posted positive gains in exports for September, pointing to a recovery in global trade.

“Recent developments in China and Japan, which are the Philippine’s largest trading partners in Asia, provide good prospects for merchandise trade. The steady growth of China’s economy is a welcome development, and the Japanese government also appears to be on track in reviving its economy,” Pernia said.

He also said that aside from lifting the ban on bananas, China has also announced its intention to buy more high-value commercial crops from the Philippines, like mangoes and coconut, as well as high-end fishery products like lapu-lapu, crabs and tuna.

In October, President Rodrigo Duterte embarked on a state and official visits to China and Japan, respectively.

Source: Sunstar