CEBU, Philippines - Central Visayas exports continued to register negative growth this year, falling 7.4 percent in the first nine months of the year.
Based on the data presented by the National Economic and Development Authority in a year-end briefing with reporters, the region's exports reached $3.13 billion from January to September this year.
That is down 7.4 percent from $3.38 billion recorded in the same period last year.
The growth slowdown this year, however, was lower than last year's 16.8 percent during the said period, if compared to 2014 export earnings which reached $4.06 billion.
NEDA Regional Head Efren Carreon said although growth this year was still negative, the deceleration of the slowdown should also be noted.
This can be deemed an indication for export recovery, he said.
In a previous interview, Philippine Exporters Confederation (Philexport) Cebu Executive Director Fred Escalona said he would look forward to the full recovery of the export sector.
Escalona had said that it's important to see how exports would perform in the last three months of the year before it can be said that exports have fully recovered.
"You have to give it maybe a quarter before you can say it. If this continues and we'll have to see the October, November and December performances. If they perform better compared to last year, then naay nay momentum," the export official had noted.
Seen recovery
According to latest data from Philippine Statistics Authority, export earnings nationwide in October rose to $4.8 billion on account of the strong performance of mineral products (15.1 percent) such as copper concentrates and chromium ore, and agro-based products (30.6 percent) like coconut oil, bananas, rubber and fish.
Increased receipts recorded were from China, Hong Kong, Thailand, Taiwan, Malaysia, the United States, the Netherlands, Mexico and France.
In an earlier statement, Socioeconomic Planning Chief Ernesto Pernia said the government was able to close a US$100-million contract for fruit exports to China during President Duterte’s state visit there last October, along with the lifting of the Chinese ban on Philippine bananas and mangoes.
The potential is also huge for China-bound exports of high-value crops such as mango, coconut and dragon fruit; and fishery products including lapu-lapu, crabs, shrimps, prawns and tuna.
“The country’s improving relationship with Russia will also spur growth in the exports sector, as Russia committed to import around $2.5 billion worth of Philippine fruits, grains, and vegetables in the next twelve months,” the economic planning chief said.
Pernia said that he was hopeful about the global economy especially given the good jobs data in the US recently.
He, however, cited that it's important for the Philippines to harness opportunities offered by the ASEAN bloc’s ties with China, Japan, Korea, India, Australia and New Zealand.
“We must also maximize our bilateral ties with Japan and the European Free Trade Association, including Europe’s Generalized Scheme of Preferences. And aside from taking advantage of existing foreign trade agreements, Filipino exporters should also remain proactive in driving up product differentiation, innovation, and diversification especially that there will be stronger integration in the ASEAN region soon,” he added. (FREEMAN)