In February, merchandise exports rose 8.2% over the same month last year to reach USD 3.9 billion. The reading came in below both the 11.8% expansion observed in January and market expectations that exports would increase 13.3%. In fact, the figure represented the slowest growth in exports since November 2009. Shipments of manufactured goods, which account for the majority of Philippine exports, increased 5.7% in February, which was below the 8.5% expansion observed in January. However, exports of agro-based products expanded a much more buoyant 47.8% in February (January: +57.8% year-on-year). As a result of the slower growth recorded in February, the moving three-month sum of exports reached USD 12.1 billion, which was below the USD 12.3 billion recorded in the three months to January. At the current level, exports continue to remain below the pre-crisis peak of USD 13.3 billion registered in August 2008 but have recovered substantially from the USD 7.7 billion trough recorded in the three months up to February 2009. Meanwhile, remittances from overseas Filipino workers, which account for approximately 10% of GDP, increased to USD 1.50 billion in February (January: USD 1.48 billion). On a year-on-year basis, remittances expanded 6.2% in February (January: +7.6% yoy).
Philippines Trade Balance
Exports continue to decelerate in February
April 12, 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.