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Philippine Exports Up 7 Per Cent In May

HANOI, July 14 (Bernama) -- The Philippines' export earnings reached nearly US$5.5 billion in May, a year-on-year rise of 6.9 per cent driven by strong performance of major commodity groups.

This brought the five-month tally to US$24.3 billion, up 6 per cent on a yearly basis, Vietnam News Agency (VNA) quotes the Philippine Statistics Authority (PSA) as saying.

Mineral products posted the strongest rise of 107 per cent year-on-year, followed by coconut oil at 45 per cent.

Japan continues to top the list, accounting for a 20.4 per cent share in total exports. Merchandise shipment to the country was valued at US$1.12 billion, 6.1 per cent higher than the previous year.

The National Economic and Development Authority (NEDA) said the outlook for the rest of the year is upbeat.

Deputy director general Emmanuel Esguerra said it was vital for policies to remain supportive of higher export growth.

"The capacity of exporters to improve product quality and packaging in line with international standards and practices must be enhanced," he said.

Philippine Exporters Confederation Inc president Sergio Ortiz-Luis Jr said the group is sticking to its 10 per cent growth forecast for cargo exports this year.

-- BERNAMA




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