The Department of Trade and Industry (DTI) said on Wednesday that Philippines has now continued to lead in Purchasing Managers’ Index (PMI) upon manufacturing sector at 53.9, the highest among ASEAN Member States.
“The 14% expansion in export was on the back of a robust PMI for manufacturing at 53.9, the highest among ASEAN countries,” said DTI Secretary Ramon Lopez, who also serves as chair of the ASEAN Economic Ministers’ (AEM) Meetings.
Total merchandise exports for the period January to June 2017 stood at USD 31.04 billion, expanding by 14% over the USD 27.33 billion posted during the same period in 2016.
At this point, Viet Nam’s PMI is at 52.5, Thailand at 50.4, Singapore at 50.3, Indonesia at 49.5, Myanmar at 49.4 and Malaysia at 46.9.
DTI Secretary Ramon Lopez, who served as chair of ASEAN Economic Ministers’ (AEM) meetings said, “The 14% expansion in export was on the back of a robust PMI for manufacturing at 53.9, the highest among ASEAN countries. The PMI is an indicator of the manufacturing sector’s health, with indices above 50 signaling improvement in business conditions while those below 50 show deterioration,” explained Sec. Lopez.
“This favorable PMI is driven by robust domestic consumption and resurgent exports,” he added
All things considered, DTI reported recently that PH exports prevailed against slowdown in external demand on June, accomplishing the first semester performance strongly with the assurance of exports became pliable and diversified in relation of products and markets.
In fact, summate merchandise exports from period January to June 2017 placed at USD 31.04 billion, overtopping the USD 27.33 billion posted the same period in 2016.
Meanwhile, the depreciation of the peso against a backdrop of low inflation rate has also made PH export products more competitive in prices, thus contributing favorably to this surge in exports, according to DTI.
“We remain committed to easing the cost of doing business in the country. We have been collaborating with other government agencies and the private sector in initiatives that will simplify doing business,” Lopez said.
In the same way, DTI’s presence can be felt nationwide through 17 Regional Offices, which were ready to assist exporters all over the country, to facilitate a conducive environment for businesses and to ensure provision of technical assistance and the needed shared service facilities. | Renzie Nombre (OJT) – PTV
