Exports seen rebounding 16.5% in Feb

 Economy
Apr 052014
 

MANILA, Philippines – UK-based Barclays projects exports growth could have finally picked up in February following two months of decline.

“Improved external demand environment and dissipation of Lunar New Year effects to support an export bounce,” the financial services company said in a research note.

Barclays forecast merchandise exports could have expanded by 16.5 percent in February, faster than the 9.3 percent recorded in January.

Recovery in exports would be on the back of an improving global economy, which the International Monetary Fund in January said could grow by 3.7 percent this year. Barclay’s projection is slightly higher than the Fund’s 3.6 percent projection made in October last year.

The IMF said global activity has strengthened in the second half of 2013 and this is seen continuing this year largely due to the recovery of advanced economies. 

Official February exports data is set to be released by the Philippine Statistics Authority on Thursday, April 10.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

Outbound shipments amounted to $4.382 billion in January, up 9.3 percent from $4.011 billion in the same month last year.

The PSA said improvement in other manufactures, electronic equipment and parts, metal components, articles of apparel and clothing accessories, electronic products, machinery and transport equipment, and woodcrafts and furniture helped lift growth. 

Electronic products made up bulk or 41 percent of the country’s exports. Government data show the country shipped $1.793-billion worth of electronic products in January, up 22.1 percent from the same month last year.

However, the figure is still six percent below the figure in December.

January exports primarily went to Japan (26.3 percent), the United States (13.8 percent), China (9.9 percent), Singapore (8.8 percent), and Hong Kong (7.5 percent).

Volatility to last for months – officials

 Economy
Jun 262013
 
Volatility to last for months – officials

MANILA, Philippines – Volatility in the financial markets could last for months, but the Philippines will survive given its strong fundamentals, officials said yesterday.  “These are interesting times again,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. said in a speech before financial officers in The Asset Forum in Makati City. The central bank chief said the “furor” would “subside” once investors get a complete grasp of the US Federal Reserve’s pronouncements that it may scale down stimulus measures this year. Investors have been rattled by concerns cheap money from the $85-billion monthly bond buying program of the US would end soon, prompting them to reposition their holdings back to the world’s largest economy. The volatile scenario “will be there for a while, possibly for months,” said International Monetary Fund resident representative Shanaka Jayanath Peiris in the same forum. But for National Treasurer Rosalia de Leon, what is important is that the Philippines is in a better position than it was five years ago. “The Philippines is no stranger to heightened volatility,” she said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The sentiment-led slump in the region led to a drop in the Philippine Stock Exchange index by as much as 6.5 percent to the “bear” territory last Tuesday. Yesterday, it closed up 5.7 percent at 6,118.94. The volatility also hit the foreign exchange market, with the peso touching the 44-peso level versus the greenback last Monday before it recovered to close at 43.43 yesterday. “There is Read More …

BSP: Temporary market volatility could last for months

 Economy
Jun 262013
 
BSP: Temporary market volatility could last for months

MANILA, Philippines – The temporary volatility in financial markets could last for months, but the Philippines will survive given its strong fundamentals, officials said on Wednesday. “These are interesting times again,” Bangko Sentral ng Pilipinas (BSP) Governor Amando Tetangco, Jr. said in a speech before financial officers in Makati City. The central bank chief said the “furor” will soon “subside” once investors have a complete grasp on the United States Federal Reserve’s pronouncements that it may scale down stimulus measures this year. “There is always volatility on the way to recovery. The way to recovery is not a clear path,” Tetangco said. “What is important is that you focus on your goal and don’t be distracted because volatility is inevitable,” he added. The scenario “will be there or a while, possibly for months,” said International Monetary Fund resident representative Shanaka Jayanath Peiris. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Investors have been rattled by concerns that cheap money from the $85-billion monthly bond buying program of the US will end soon, prompting them to re-position their holdings back to world’s largest economy. The Philippine Stock Exchange index, one of the world’s best performers last year, entered a bear territory last Tuesday, closing at 5,789.09 as it erased all its gains for the year. A bear territory is marked by a 20-percent slump from the bourse’s last peak. Meanwhile, the peso touched 44 level versus the dollar last Monday before it bounced back to close at 43.46 last Tuesday. Read More …

Phl stocks tumble on US Fed concerns; Q1 GDP fails to cheer market

 Economy
May 302013
 
Phl stocks tumble on US Fed concerns; Q1 GDP fails to cheer market

MANILA, Philippines (Xinhua) – The Philippine stock market suffered a huge loss today despite a better-than-expected growth of the Philippine economy in the first quarter. The bellwether Philippine Stock Exchange index dived by 3.81 percent or 275.22 points to 6,953.33. The broader all-share index slipped by 3.02 percent or 133.99 points to 4,298.18. Trading volume reached 1.9 billion shares worth P16.86 billion ($397.26 million) with 160 stocks declining, 15 advancing, and 38 were unchanged. All six counters were down. Analyst Justino Calaycay of Accord Capital Equities Corp. said a string of negative news overseas pulled down the Philippine stock market on Thursday, overshadowing the positive gross domestic output (GDP) of the country. “Concerns over the U.S. Federal Reserve’s stimulus stance and questions over European and China’s growth added dark clouds over the horizon,” Calaycay said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Overnight, US stocks retreated off a record high on fears that improving economic numbers may prompt the Federal Reserve to step on the stimulus brakes. European shares were likewise down with investors reading off a similar note, in addition to International Monetary Fund’s outlook of a slower growth for China, the world’s second largest economy. The international, multilateral lending institution project China to grow at less than 8 percent this year. These developments overshadowed the news of  a higher than expected growth rate. The National Statistical Coordination Board reported Thursday that an upbeat business and consumer sentiment, increased public spending and a robust manufacturing and construction Read More …