Monetary authorities are pushing for the upward revision of the country’s export growth target for this year.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Diwa Guinigundo told reporters that economic managers through the Cabinet-level Development Budget Coordination Committee (DBCC) could adjust upwards the projected export growth target of between seven percent and nine percent this year with the expected global economic recovery.
The National Statistics Office (NSO) reported last week that the country’s merchandise exports jumped by 42.5 percent to $3.58 billion in January from $2.51 billion in the same month last year.
Socioeconomic Planning Secretary Augusto Santos said the growth registered in January was the highest year-on-year growth rate posted since April 1995.
The increase could be attributed to the 51.2-percent jump in the shipment of Philippine-made electronic products. Electronics account for about 56.8 percent of the country’s total exports.
Guinigundo added that another important factor to consider in revising upwards the country’s export growth target is the increase in the industry’s book-to-bill ratio. The book-to-bill ratio has gone up to 1.2 or 120 percent which means the order is more than actually delivery.
He pointed out that even the International Monetary Fund (IMF) upgraded the world’s economic gross domestic product (GDP) growth outlook to 3.9 percent instead of 0.8 percent this year and that of the Philippines to 3.2 percent this year from 0.9 percent last year. (PIA-Bohol)
