In December, merchandise exports rose 25.3% over the same month the previous year to reach USD 4.2 billion. The robust reading came in well above the 11.5% expansion recorded in November and exceeded market analyst expectations that exports would increase 19.0%. The December increase in exports reflected a spectacular 107.1% expansion in exports of petroleum products (November: +176.11% yoy). In addition, exports of manufactured products surged sharply from a 9.3% expansion in November to rise 20.7% in December. Despite the stronger December reading, the moving three-month sum of exports reached only USD 13.1 billion, which was below the USD 14.3 billion recorded in the three months up to November. Nevertheless, recovery is getting entrenched as exports oscillate around the pre-crisis levels, with the peak of USD 13.3 billion registered in August 2008. Meanwhile, remittances from overseas Filipino workers, which represent approximately 10% of GDP, increased to USD 1.7 billion in December (November: USD 1.6 billion). In the full year 2010, remittances reached USD 18.8 billion in 2010, which was 8.1% above the level recorded in 2009.
Philippines Trade Balance
Exports and remittances rebound in December
February 10, 2011
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Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.