Socioeconomic Planning Secretary Arsenio Balisacan said exports of goods rose by 6.7 percent in the third quarter from a negative 14.8 percent during the same period last year. This brought average goods exports to 8.1 percent in the first three quarters.
“Although the sector’s growth was still subdued, the surge in the overseas sales of metal components (466%), telecommunications (473.8%) and office equipment (106%) maybe a sign of renewed vitality in the regional production networks, of which we are a part,” he said.
An economist earlier underscored the importance of participation in regional/global production networks. This provides domestic firms not only access to more export markets but to newer technologies as well.
Top dollar earners during the period also included control instrumentation, office equipment and ignition wiring sets.
Losers, on the other hand, were automotive electronics, other products manufactured from materials on consignment basis, electronic data processing, articles of apparel and clothing accessories and components/devices (semiconductors).
Balicasan said services exports also rose by a robust 7.6 percent in the third quarter, driven by growth in the business process outsourcing (BPO) sector.
“On the demand side, increased consumer and government spending, increased investments in construction, and the third consecutive quarter of growth in external trade contributed to the highest quarterly growth since the third quarter of 2012,” said the National Coordination Board (NSCB).
Balisacan attributed the Philippine third-quarter 7.1-percent gross domestic product, the fastest economic growth in Association of Southeast Asian Nations (ASEAN), to the robust performance of almost the domestic sectors.
With this, the country is well on its way to surpassing the growth target of 5 to 6 percent this year, he said. Year-to-date GDP already reached 6.5 percent.— Danielle Venz, PHILEXPORT News and Features