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Philippines exports fall 9% in August  Join our daily free Newsletter

MENAFN - 10/10/2012

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(MENAFN) An official report showed that the Philippine's annual exports dropped by nine percent in August, the steepest fall in eight months, Reuters reported.

According to the National Statistics Office, the drop was driven by a fall in the country's top exports, the semiconductors and electronics, by 14.9 percent.

The figures cast doubt on the government's 2012 export growth target, and puts more pressure on Bangko Sentral ng Pilipinas to ease policy further to support the exports-reliant economy.

Central bank Deputy Governor Diwa Guinigundo said the slowdown in exports will be accounted for alongside other economic indicators when the central bank reviews its monetary policy.

The bank has kept its overnight borrowing rate at a record low 3.75 percent following three cuts this year, aimed at shielding the economy against external shocks.

 






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