This call was issued by former Press Secretary and Presidential Spokesman Ricardo "Dong" Puno Jr. in the wake of reports that the country’s exports in January dropped 17.36 percent from December, the sharpest month-on-month drop for January since 1992.
According to reports, the growth slowdown was triggered by the US economic slump and the decline in demand for electronics exports. The growth of the US economy plummeted from 5.6 percent in the 2nd quarter of 2000 to a projected 1.4 percent in the 4th quarter. Consumer demand and purchasing orders are also down, along with the stock market.
"With these latest developments, the government should turn to alternative markets where we can sell our export winners. This way, we not only sustain the growth of this dollar-earning sector but also protect our workers from the adverse impact of the slow growth of the US economy," Puno, a senatorial candidate, said.
Puno said Philippine export winners like garments, fruits and semiconductors may be adversely affected this year if the US economy continues its decline.
He said a huge drop in Philippine export receipts may lead to loss of jobs and render Filipino workers helpless unless the government acts fast to arrest this negative development.
The government, Puno said, should look at Asean region, Australia, the Middle East, Korea, Canada, China and other non-traditional markets where the Philippines can develop and strengthen its hold on the export market.
Puno, a former corporate executive, pointed out that the Philippines, for instance, earned a $210 million trade surplus with China last year, the highest registered since Manila resumed active commercial ties with Beijing in 1976.
He said sustained efforts to further develop trade ties with China’s economy of one billion people would be one way to address the Philippine export sector’s slowdown.
Major Philippine exports include semiconductors and electronic microcircuits, which accounted for 42.24 percent of the total merchandise exports for the first half of 2000; garments, 6.75 percent; ignition wiring sets, 1.54 percent; canned pineapple, banana and plantains, 1.12 percent and manufactured products, 0.93 percent.