Philippine exporters urged to boost export

MANILA, Dec. 14 (Xinhua) -- The Philippine government urged on Wednesday the exporters to pursue cross country and sector partnership agreements to boost production and demand for local products, and benefit from research and development and technology advancement.

The move came amid the continued contraction of the country's merchandise exports in October 2011 by 14.6 percent to 4.1 billion U.S. dollars, from 4.8 billion U.S. dollars posted in the same period last year. "The country's current trade structure heavily favors the exports of electronic products, thus, making the country's export performance very vulnerable to the highs and lows in the demand for these products," said Socioeconomic Planning Secretary Cayetano W. Paderanga, Jr.

The exports decline in October 2011 was an improvement compared to the 27.0 percent contraction in September 2011. Meanwhile, year- to-date exports amounted to 41.3 billion U.S. dollars, 4.3 percent lower than in 2010. "The Philippines must also be aggressive in exploring partnerships with foreign companies that would help in establishing the country as a production hub," Paderanga said.

He stressed that measures that can enhance productivity and add more value to production should be considered, like encouraging electronics companies to shift to high-technology items like smart phones. 

December 14, 2011

Source: Xinhua