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Philippines : Merchandise trade and current account, Confidence indexes

3.28.6 Merchandise trade and current account Export growth Import growth Current account - % % of GDP 45_ 30_ 15_ 2 0. -15- -30- --4 2008 2009 2010 2011 2012 Sources:Asian Development Outlook database; CEIC Data Company (accessed 23 March 2013). 3.28.7 Confidence indexes - Business outlook: next quarter Consumer outlook: next 12 months Index 75_ 50- 25_ -25_ Mar Mar Mar Mar Mar Mar 2008 2009 2010 2011 2012 2013 Notes: The consumer (or firms) outlook index is computed as the percentage of households (or firms) that answered in the affirmative less the percentage of households that answered in the negative with respect to their views on a given indicator. A positive index indicates a favorable view. Source: CEIC Data Company (accessed 4 April 2013). 3.28.6 Merchandise trade and current account Export growth Import growth Current account - % % of GDP 45_ 30_ 15_ 2 0. -15- -30- --4 2008 2009 2010 2011 2012 Sources:Asian Development Outlook database; CEIC Data Company (accessed 23 March 2013). 3.28.7 Confidence indexes - Business outlook: next quarter Consumer outlook: next 12 months Index 75_ 50- 25_ -25_ Mar Mar Mar Mar Mar Mar 2008 2009 2010 2011 2012 2013 Notes: The consumer (or firms) outlook index is computed as the percentage of households (or firms) that answered in the affirmative less the percentage of households that answered in the negative with respect to their views on a given indicator. A positive index indicates a favorable view. Source: CEIC Data Company (accessed 4 April 2013).

Philippines : Merchandise trade and current account, Confidence indexes

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External accounts were in good shape. Merchandise exports rose by 8.5% in US dollar terms, a turnaround from a 6.3% fall in 2011. This recovery was driven largely by higher shipments of machinery a... nd transport equipment, wood manufactures, furniture, fruits and vegetables, processed food, and beverages. Shipments of electronics continued to fall, though at a slower pace than in 2011. Imports grew by 5.1% in value so that the merchandise trade deficit narrowed by 5.3% to $14.8 billion. Trade in services produced a smaller surplus than in the previous year. After taking into account the substantial remittance inflows, the current account surplus rose slightly to $7.2 billion, equivalent to 2.9% of GDP (Figure 3.28.6). Portfolio investment inflow rose by 14.9% to $4.7 billion and foreign direct investment by 9.8% to $2.0 billion—still low compared with other Southeast Asian countries. The overall balance of payments recorded a surplus of 3.7% of GDP, lifting gross international reserves to $83.8 billion at year-end. Reserves cover 12.0 months of imports and 10.5 times short- term external debt. Remittances and capital inflows buoyed the peso, which appreciated by 6.6% against the US dollar to its highest rate in 5 years. In other financial markets, the Philippine Stock Exchange index climbed by 33% in 2012 to a record high; capital raised through the exchange doubled from 2011. Spreads narrowed between Philippine government bonds and US treasuries. The forecasts assume that the government makes further progress on reforms to improve the investment climate and that legislative elections in May 2013 go smoothly. Private consumption is expected to remain a key driver of growth, underpinned by remittances and positive consumer sentiment (Figure 3.28.7). These transfers from overseas Filipinos have accelerated since the second half of last year. The number of deployed overseas workers in 2012 rose by 6.7%. Domestic employment is projected to increase this year, and election-related spending will lift consumption in the first half of 2013. As for private investment, a survey of businesses in February 2013 showed they were optimistic (Figure 3.28.7) and planned to increase hiring. Imports of capital goods rose by 14% in 2012, a sign of positive business sentiment. Sources: Asian Development Outlook database; CEIC Data Company (accessed 23 March 2013) Bangko Sentral NG Pilipinas - Economic and Financial Statistics http://www.bsp.gov.ph/statistics/statistics_key.asp

Philippines : Merchandise trade and current account, Confidence indexes

Philippines : Merchandise trade and current account, Confidence indexes

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