PHILIPPINE merchandise exports are projected to grow double digits in 2017, with the expected sustained positive performance of major electronics and nonelectronics sectors in November and December.
The positive performance of six out of nine subsectors of the electronics industry—Semiconductors, Office Equipment, Communication/Radar, Consumer Electronics, Electronic Data Processing and Control and Instrumentation—is expected to contribute to the projected double-digit full-year export growth.
Similarly, exports of nonelectronic goods, such as Forest Products, Mineral Products, Footwear, Coconut Products, Sugar Products, Textile Yarns/Fabrics, and Furniture and Fixtures, are projected to sustain their significant growths in the next two reporting periods.
Philippine merchandise exports have maintained their double-digit positive performance in the first 10 months of 2017 compared to the same period in 2016, increasing by 11.68 percent, based on preliminary data from the Philippine Statistics Authority.
Last October alone, exports grew by a respectable 6.56 percent, marking the 11th consecutive month of positive growth being posted in the value of Philippine merchandise exports since December 2016. For 10 straight months, the value of merchandise exports in the review period was shared almost evenly by electronics and nonelectronics at 50.78 percent and 49.22 percent, respectively.
“The export sector is a big employment generator, and we welcome these positive developments, as this will translate to more job opportunities,” Department of Trade and Industry Undersecretary for Trade and Investments Promotion Group Nora K. Terrado said.
Recently, the Asian Development Bank (ADB) raised its growth forecasts for the Philippines to 6.7 percent for 2017 and 6.8 percent this year, with the projected robust economic expansion resulting from the Duterte administration’s massive infrastructure program, called “Build, Build, Build.”
The ADB noted that the government was on track to achieve its target of spending 5.3 percent of GDP on public infrastructure in 2017. Meanwhile, household consumption remained strong despite moderating slightly from 2016 and net exports turned positive in the review period, reversing a deficit in 2016.