RP trade expands 9.9% in Nov. ’17
The Daily Tribune (January 11, 2018)
Continuous improvement of export competitiveness and identification of emerging markets for exports will help sustain merchandise trade growth, the National Economic and Development Authority (NEDA) said.
The Philippine Statistics Authority (PSA) reported that the country’s total trade grew by 11.8 percent in November 2017, pushing year-to-date growth to 9.9 percent. Trade performance showed faster expansion compared to the 9.4 percent year-on-year growth in November 2016.
Imports posted a hefty growth of 18.5 percent as all commodity groups registered positive growth rates, while exports grew by 1.6 percent—its slowest since November 2016—as agro-based products and manufactures recorded declines, offsetting gains in mineral, forest, and petroleum products.
“Exports to Asean and EU look promising. Gathering of market intelligence, such as market profiles and emerging in-demand exports, as well as information dissemination to exporters should be further strengthened to boost trade, especially exports to East Asia,” Socioeconomic Planning Sec. Ernesto M. Pernia said.
Australia ready to help PHL banana exporters
BusinessMirror (January 10, 2018)
Canberra is willing to assist banana exporters comply with its animal health and plant regulations so they can again access the Australian market, which has been closed to Philippine bananas for more than two decades.
Australian Ambassador to the Philippines Amanda Gorely said, however, that no Philippine exporter has approached Canberra and has signified interest to ship bananas to Australia.
“The Philippines is the only country in the world for which Australia has agreed [that] bananas could be exported. But for that to happen, the Philippines need to meet some risk-management measures, because Australia has its own banana industry and we have some issues around disease control,” Gorely said at the BusinessMirror Coffee Club forum held in Makati City on Wednesday.
Exporters eye $1B sales for this year
The Daily Tribune News (January 02, 2018)
Manufacturers of local garments and hard goods are optimistic their export sales will expand up to double-digit growth rate of 10 percent in 2018 on picking up of international trade activities.
Robert Young, president of the Foreign Buyers Association of the Philippines (Fobap), said close to $1 billion in sales is attainable in 2018.
“Philippine production is now back in the foreign buyers’ radar due to the spill over of purchase orders from other Asian countries,” he said.
Young said the increase in demand from millennial population is expected to boost sales of garments and gift, housewares and furniture products.
BIR eases documentary requirements for MSMEs
The Philippine Star (January 03, 2018)
MANILA, Philippines — The Bureau of Internal Revenue (BIR) will simplify the renewal of business permits of micro, small and medium-scale enterprises (MSMEs) following the implementation of the first package of the tax reform law.
BIR commissioner Caesar Dulay said cutting down the documentary requirements needed to register or renew permits for businesses, particularly MSMEs, is ongoing at the bureau.
“After the (tax reform) package, we’ll go into that streamlining process, although it’s an ongoing work being done by BIR. Even the procedures, we will cut down on the documentary requirements,” Dulay told Finance Secretary Carlos Dominguez III.
NOTICE TO EXPORTERS
The Bureau of Philippine Standards - DTI (June 19, 2017)
The Bureau of Philippine Standards (BPS) of the Department of Trade and Industry (DTI) invites exporters to comment on the proposed technical regulations from:
PH manufacturing PMI sustains growth
The Manila Times (January 03, 2018)
The Philippines’ manufacturing PMI continued to expand in December, albeit at a slightly slower pace from the previous month, on the back of growth in both output and new orders.
Results of an IHS Markit/Nikkei poll released on Tuesday showed a seasonally adjusted Purchasing Managers’ Index of 54.2 for the month, lower than November’s 54.8 and the 55.7 posted a year earlier.
The PMI is a composite index representing the weighted average of five sub-components: new orders, output, employment, suppliers’ delivery time and stocks. Readings above 50 signal an expansion while readings below 50 signal a contraction.