Philippine Export rise up 124% to $5.5 Billion US Dollars

BOUNCING BACK. The coconut products’ performance bounced back from a 2-month volume shipment slump in June and July this year. Outward shipment of coconut products grew by a hefty 124%, likewise benefitting from higher international prices during the period. Photo by investphilippines.org

PH exports continue double-digit growth

The Philippines now places 3rd highest exports performer in East and Southeast Asia

MANILA, Philippines – Maintaining its position among the top performers in East and Southeast Asia, the country’s top exports continued their double-digit growth at 10.5% in August, the National Economic and Development Authority (NEDA) reported on Friday, October 10.

Total export receipts totaled $5.5 billion during the period, up from US$5.0 billion in August 2013 due to stronger outward sales of manufactured products, total agro-based, and mineral products, The Philippine Statistics Authority (PSA) said.

Total exports also increased by 9.2% to $40.7 billion for the first 8 months of 2014, from $7.3 billion in the same period in 2013.

The Philippines now places 3rd as the highest exports performer in East and Southeast Asia, following Vietnam at 12.6% and Indonesia at 10.6%.

“Manufactures remained as the major contributor to exports growth, reflecting the positive developments in the global manufacturing sector,” NEDA deputy director-general and currently officer-in-charge Emmanuel F. Esguerra said.

Exports in July 2014 showed receipts reaching $5.46 billion that month, up 12.4% from $4.86 billion in July 2013. The growth was faster than the 2.8% rise recorded last year, but slower than the 21.3% jump in June.

Manufacturing diversifies

Export earnings from manufactured goods reached $4.4 billion, up by 8.4% from $4.1 billion registered in August 2013, PSA said.

The manufacturing sector's performance was mainly due to increased outbound sales in diverse commodities. Electronic products remain on top of the list, with their total sales receipts reaching $2.3 billion in August 2014, higher by 10% versus $2.1 billion in August 2013, Esguerra noted.

Higher production indices of intermediate and capital goods, including higher net sales indices both in terms of volume (5.6%) and value (3.3%) in August 2014 were also noted, the PSA’s Monthly Integrated Survey of Selected Industries (MISSI) report said.

The PSA MISSI report shows that the manufacturing sector is moving toward more diversification and there is a continued strong local demand for manufactured goods and improvement in export demand.

“In fact, the fast approaching holiday season is also expected to beef up the sector’s production, as we anticipate an increase in demand from both the local and external consumers,” Esguerra said.

Coconut products bounced back

Apart from manufactured products, total agro-based products also sustained their robust growth in August 2014, with their export value hitting $505.2 million, or up by 41% from $358.4 million in the same period last year.

The coconut products’ performance also bounced back from a 2-month volume shipment slump in June and July this year. Accounting for 53.2% of total agro-based exports, outward shipment of coconut products grew by a hefty 124%, likewise benefitting from higher international prices during the period, Esguerra said.

Meanwhile, revenues from mineral products also grew by 30.9%, mainly due to increased shipment of iron ore agglomerates, copper metal, chromium ore, and other mineral products. This is also largely due to higher demand from the People’s Republic of China (PR China), Hong Kong, and South Korea.

Petroleum and forest products though registered lower revenue performances.

Japan remains as top export market

Japan remains as the country’s top export market with a total value of $1 billion, accounting for 19.1% of our total revenues from merchandise exports during the period. This is followed by the People’s Republic of China with a 15% share and the US with 14.6%.

Shipment to the members of the Association of Southeast Asian Nations (ASEAN) account for 14.1% of the country’s total exports while the European Union (EU) covered 12.7%.

Esguerra noted exports’ double-digit growth remains healthy and is likely to be sustained, primarily anchored on increasing global demand alongside business expansions and new product launches for garments and information technology sectors, including improved availability of raw materials and agricultural products.

“Moving forward, export revenue growth is likely to be driven by the rebound in the export of electronic products, machinery, and transport and other electronics,” Esguerra said. – Rappler.com

 

 

Continue reading

Philippines suspends work on South China Sea military airstrip

In this March 30, 2014, file photo, Philippine Marines raise the Philippine flag on the first day of their deployment on the dilapidated navy ship LT57 BRP Sierra Madre at the disputed Second Thomas Shoal, locally known as Ayungin Shoal, off the West Philippine Sea. The Philippines on Monday, Aug. 18, slammed what it called China’s “illegitimate sovereignty patrols” of Philippine waters, following President Aquino’s revelation that two Chinese research vessels had been spotted on oil-rich Recto Bank in the West Philippine Sea. AP FILE PHOTO

 

MANILA, Philippines–Malacañang said Saturday it has shelved planned improvements on a military airstrip in the disputed South China Sea to support its bid for a UN ruling against Beijing over the tense territorial row.

The Philippines infuriated China in March by asking a United Nations tribunal to declare Beijing’s territorial claims in the South China Sea a violation of international law.

China claims almost all of the sea, a vital avenue for world trade that is also believed to harbor vast oil and gas reserves.

But its claims overlap in parts with those of the Philippines, as well as Brunei, Malaysia, Vietnam and Taiwan.

President Benigno Aquino’s spokeswoman Abigail Valte said the government had suspended long-planned upgrade work on a military runway in the disputed Spratly islands to boost chances of a favorable ruling at the UN.

“We wanted to maintain the moral high ground in light of the case we filed at the (UN) arbitration tribunal regarding the West Philippine Sea,” Valte said, using the Filipino name for the area.

“We chose… to ease tensions and avoid any incident that may be construed as ramping up tensions or trying to provoke any of the claimant countries,” Valte said over government radio on Saturday.

The small runway lies on Thitu, the largest of several islands and reefs in the Spratly group that are garrisoned by Filipino soldiers but also claimed by China.

The runway is used mainly by military aircraft to resupply the Filipino troops guarding the island and nearby rocks, as well as a small community of Filipino civilians living on Thitu.

The upgrade plans were suspended by Aquino “sometime in the middle of 2014″, Valte said.

The airstrip project, as well as acquisitions of navy vessels, were part of Aquino’s efforts to upgrade the capability of the Philippine military, one of the most poorly equipped in the region.

China has refused to take part in UN arbitration with the Philippines, and warned Manila that bilateral ties will suffer.

The two countries have been involved in several tense confrontations in the South China Sea in recent months.

Valte dismissed suggestions that suspending the airstrip project would allow China to ramp up its increasingly assertive efforts to stake its claims in the South China Sea.

“In our view, it will not weaken our position,” she added. - Inquirer 

 

Continue reading

Japan eases visa requirements for the Philippines, Vietnam and Indonesia

Tourists at the Golden Temple in Kyoto, Japan. Marc Veraart/CC BY

Japan eases visa requirements for Filipinos

MANILA, Philippines — In an effort to boost tourist arrivals from the Philippines, Japan on Tuesday started to simplify the Filipinos' procurement of visas.

In a statement, the Japanese Embassy in Manila announced that the "substantial relaxation of multiple visas" is coupled with the extension of visa validity for up to five years.

"Additionally, for those applicants residing outside of their countries of origin, it will now become possible to apply at the diplomatic mission which has jurisdiction over their place of residence," the embassy noted.

Besides the Philippines, Japan also eased visa requirements for nationals of Indonesia and Vietnam.

The process for acquiring single-entry tourism visas by registered travel agencies, meanwhile, will also be simplified by November.

According to the embassy, the measures benefiting three of its Asian neighbors aim to make Japan a "tourism-oriented" economy as well as promote people-to-people exchanges.

The new policies came after a June 17 announcement of the embassy vowing to relax multiple-entry visa processing "to a quasi-exemption-equivalent level when applied via specified travel agencies." - philSTAR

Continue reading