by magnolia_eic | Jun 12, 2010 | Business, Headlines, National News
CONSUMER confidence in the next 12 months has become more optimistic due to the outcome of the recent elections.
In the latest Consumer Expectations Survey (CES) of the Bangko Sentral ng Pilipinas (BSP), the consumer confidence index (CI) for the year ahead jumped to a record 10 percent from 5.1 percent a quarter ago and -7.6 percent a year ago.
In particular, the survey showed that the next three months’ CI reached its second highest level since the nationwide survey started in 2007, although the pessimists continued to outnumber the optimists but only by a small margin.
CI for the next quarter reached -1.8 percent, higher from the -4.8 percent recorded in the previous quarter.
“The positive outlook for the next quarter mirrored the rebound in consumer confidence in other countries such as the United States, China, Mexico, Hungary, Slovenia, and Czech Republic,” BSP said. (PIA-Bohol)
by magnolia_eic | May 14, 2010 | Business, Foreign Exchange, Headlines, National News
MERCHANDISE exports rose 43.7% in March as demand from the country’s main markets continued to recover along with the global economy.
Data from the National Statistics Office (NSO) showed that the country’s export earnings for the third month of 2010 rose to $4.18 billion from the year-ago level of $2.9 billion. On a monthly basis, exports rose 17% from $3.57 billion in February. Overall, exports jumped 42.9 % in the first quarter.
Acting Socioeconomic Planning Secretary Augusto Santos said this is the highest year-on-year increase since the National Statistics Office started compiling monthly exports statistics in 1991.
Shipments of electronics, which dominate exports and are largely assembled from imported parts, climbed 49.1% year-on-year to $2.42 billion in March after a 53.3% jump in February.
The Philippines expects exports to grow 12% and imports to rise 18% in 2010. In 2009, exports fell 21.9%, not as sharp as the government’s forecast drop of 25%.
The main electronics industry group expects shipments to grow 20% or more this year on strong demand from China and India.
The government may consider raising its 2.6%-3.6% economic growth target for 2010 amid a slew of strong indicators this year. (PIA-Bohol)
by magnolia_eic | Apr 15, 2010 | Business, Headlines, National News, World
Philippines’ exports grew for the fourth straight month in February driven by increased demand for the country’s electronic goods.
Exports grew 42.3% year-on-year after a 42.5% rise in the previous month, the National Statistics Office said Tuesday. Economists were looking for a 39.9% increase. Export earnings in February jumped to $3.567 billion from $2.506 billion in the previous year.
However, on a monthly basis, export revenue dropped 0.4% in February. In January, revenue rose 8.1% on a monthly basis.
Electronic products with a revenue share of 58.1% topped the list of exported goods in the country by earning a total revenue of $2.072 billion during the month. Export earnings of electronic goods grew 53.4% year-on-year after 51.2% in January. On a monthly basis, export earnings from electronic goods rose 1.9%, following the 8.1% growth in the previous month.
Semiconductors, accounting for 42.3% of the total export earnings, earned an export revenue of $1.508 billion, up 59.6% compared from the previous period.
Japan emerged as the top export destination for the country, comprising 17.6% share of total exports. Total export earnings from Japan increased 55.4% annually to $627.04 million in February. Exports to the U.S. accounted for 16.9% of the total exports and the revenue stood at $603.83 million. The export value increased 29.5% year-on-year, making it the second largest market for Philippine goods. (PIA-Bohol)
by magnolia_eic | Apr 15, 2010 | Business, Headlines, National News
THE Asian Development Bank (ADB) has upgraded its growth forecast for the Philippine economy this year to 3.8 percent, from an earlier estimate of 3.1 percent, driven by increased private consumption on the back of robust remittances and election spending.
In the latest Asian Development Outlook (ADO) 2010, the ADB’s flagship annual economic publication reported that from a very weak 0.9 percent growth in 2009, the country’s gross domestic product (GDP) will recover significantly to expand 3.8 percent and 4.6 percent in 2010 and 2011, respectively.
However, the ADB said the Philippines still needs to seriously address several constraints to growth if it is to reach its full potential. The growth forecasts remain below both potential growth and average growth (5.5 percent) during 2004-2008, the report pointed out.
But the ADB said investments are forecast to rebound from last year’s low levels, while external trade will be considerably stronger this year. Exports will also grow in line with the global recovery. (PIA-Bohol)
by magnolia_eic | Mar 16, 2010 | Business, National News
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)
by magnolia_eic | Feb 19, 2010 | Business, Headlines, National News
THE Philippine Embassy in Spain reported to the Department of Foreign Affairs an illegal recruitment operation that is currently being perpetrated by a syndicate using Spain as a destination for Filipino workers.
The embassy named the company allegedly recruiting Filipino workers under this scheme as Previsto Ferrocariel Guiscoanagin, with address at Calle Placentinos 18B, 32005, Barcelona, Spain.
The syndicate is using the email address espanolconsulate@europe.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it to communicate with Filipino workers and lead them to believe that this is the email address of the Philippine Embassy in Madrid.
The Philippine Consulate-General in Barcelona has verified that there is no such address in Barcelona. There is a Calle de los Placentinos in the province of Salamanca, while the zip code 32005 corresponds to the province of Ourense, not Catalonia.
The public is advised to be wary of job offers from this company and to first check the veracity of any job offer and company with the Philippine Overseas Labor Office (POLO) in the country concerned, the Philippine Overseas Employment Agency (POEA), or the Department of Labor and Employment (DOLE). (PIA-Bohol)
