Michael Spencer, Chief Economist for Asia at Deutsche Bank AG, said the Philippines is the country in Asia with the strongest-performing economy, propelled by improved exports.
A 6.4 percent growth rate was seen for the local economy during Q1 this year, a strong comeback from a measly 3.7 percent growth rate last year. The Philippines comes next to China which posted 8.1 percent growth.
Meanwhile, data from the National Statistics Office (NSO) showed that during Q1 and Q2 this year, total exports reached $26.8 million, which is 7.68 percent more from last year’s $24.8 million.
Spencer noted that the Philippines remained resilient towards weak global demands and reinforced exports by targeting Japan, which is also the country’s top market at 17.8 percent of the total exports.
An 11 percent growth was seen for this year’s first half in export shipments to Japan, from $4.29 billion in 2011 to $4.77 billion this year. This can be attributed to outsourcing to the Philippines after the earthquake in Japan.
For 2011, Japan was the largest market of the Philippines for product exports, accounting for 18.5 percent or $8.86 billion. The US followed suit at 14.8 percent, China at 12.7 percent, Singapore at 8.92 percent, and Hong Kong at 7.71 percent.