Asias no.

1 - Sept Philippines Export growth 23% eclipsed Hong Kong of 1 %

Philippines Asia!s strongest perfor"ing Econo"# THE value of Philippine merchandise exports grew by 22.8% to !.8 billion in "eptember# 2$%2# higher than the &.' billion shipped out in the same month in 2$%%# ma(ing the country the strongest performer among "outheast and East )sian nations. The Philippines topped the exports growth of Hong *ong +%,.8%-# .ietnam +%,./%-# Taiwan +%$.!%-# 0hina +'.'%-# and Thailand +$.2%-. Electronics remained the top Philippine export product in "eptember# 2$%2# with total receipts of %.8& billion# %.%% higher than the earnings last year# followed by woodcraft and furniture# and metal components. 1ther top export earners were banana# coconut oil# and tuna. 2apan was the top destination of Philippine exports with a &$.8% share of total export receipts# followed by the 3nited "tates# People4s 5epublic of 0hina# Hong *ong# and "ingapore. )fter the earth6ua(e and tsunami that devastated 2apan in 2$%%# export orders poured into the Philippines to help support reconstruction efforts and fill the need for new products. 7erchandise exports grew by 8.2% to !$.% billion in the first three 6uarters from &8.! billion in the same period last year. )nnual gains in shipment revenues from manufactures +2'%-# forest products +%8,%-# and petroleum +8.!%-# supported the continues growth of total merchandise exports. The 9ational Economic and :evelopment )uthority noted that the

positive export growth in the first nine months of 2$%2 reflected the moderate improvement in global economic activity as industrial production and business confidence. Export targets under Philippine Export :evelopment Plan +PE:P- 2$%%;2$%& are 8$.2 billion for 2$%2 and 8'.2 billion for 2$%&. The (ey export sectors that ma(e up 88% of current business are information technology;business process outsourcing# electronics# agribusiness products# minerals# shipbuilding# motor vehicle parts# garments and textiles# home;style products# and wearables. <e congratulate 5epublic of the Philippines President =enigno ". )6uino >>># and 7embers of his Economic Team? :epartment of @inance "ecretary 0esar .. Purisima# =ang(o "entral ng Pilipinas Aovernor )mando 7. Tetangco 2r.# :epartment of Trade and >ndustry "ecretary Aregory B. :omingo# and 9ational Economic and :evelopment )uthority :irector Aeneral )rsenio 7. =alisacan# other 1fficers and Personnel# for their cooperation efforts to sustain and (eep the momentum of economic growth. +http?CCis.gdC6Bhr5A7anila =ulletin