PH Posts Low Services Exports, though BPO Stays Strong
by: Sarah Joson
Monday, July 23, 2012
Processes like BPO, financial services, tourism, transportation, as well as shipping and telecommunications make up the country’s commercial services export segment. It posted an 8.9% growth rate for this year’s first quarter, but was outdone by fellow Asian regions such as Indonesia, Malaysia, Singapore, and Thailand.
During the first quarter of 2011, the Philippines traded $3.8 billion worth of commercial services, while it reached $4.14 billion in the same period this year. Meanwhile, the Southeast Asian region was led by Singapore with $28.16 billion. Thailand posted $11.9 billion, Malaysia with $9.1 billion, and Indonesia with $5.6 billion.
The country was still at the bottom in terms of importing. Last year, the country imported $2.78 billion worth of services for the first quarter, whereas it increased 7.9%, reaching $3 billion in the same period this year. Nearby countries like Indonesia posted $8 billion, Malaysia with $10.3 billion, Thailand with $12.7 billion, while Singapore posted the largest figure at $27.5 billion.
The data also stated that the country’s commercial services surpassed the global rates in exports (3%) and imports (5%).