Economy robust enough vs global shocks in 2016

MANILA, Philippines - Amid forecasts of continued headwinds in global trade, the top official of the country’s umbrella organization of exporters is upbeat the Philippine economy will sustain its remarkable growth rate going into 2016.

Sergio R. Ortiz Luis Jr., president of the Philippine Exporters Confederation Inc. (Philexport), said despite a decline in the country’s exports, he expects a bright outlook for the Philippines.

He said the nation will remain a “bright spot” in Asia through next year despite the global export slump, noting international economists’ view that Philippine “domestic drivers can sustain economic expansion despite external shocks.”

He said the economy has a number of advantages going for it, including being relatively insulated from global upheavals compared to other more open economies in Asia and the Association of Southeast Asian Nations. In addition, the country has “strong fundamentals” and derives “a larger percent of growth” from domestic consumption.

Philippine exports fell 10.8 percent in October 2015, the seventh straight month of decline owing to continued sluggish external demand, according to the Philippine Statistics Authority.

However, this was an improvement from the double-digit drop of 24.7 percent in September, following the slight improvement in the global manufacturing industry.