Philippine trade grew double-digit in August

October 10, 2017

The Philippine Statistics Authority reported Tuesday total trade grew by 10 percent in August ,a up from June (1.5 percent) and July’s (2.5 percent) growth.

Exports recorded its ninth consecutive month of positive growth at 9.3 percent, and imports grew by 10.5 percent. This was mainly boosted by shipments to ASEAN member countries and the European Union, growing 13.9 percent and 31.3 percent, respectively.

Growth in exports to Hong Kong (21.9 percent), Thailand (29.5 percent), Germany (10.5 percent), South Korea (33.7 percent), and the Netherlands (34.5 percent) were also recorded.

“To help enhance this trade productivity, it is important to follow through with reforms that will develop the country’s potential in digital trade and e-commerce,” NEDA Officer-in-Charge (OIC) and Undersecretary Rolando Tungpalan said.

One such example is the Philippine Customs and Trade Facilitation Project, a $200 million World Bank-financed modernization plan for the Bureau of Customs (BOC), he said.

This can boost BOC’s efficiency, effectiveness, transparency, and revenue collection through an updating of systems, procedures, and operational activities related to processing and clearance of imported and exported goods.

Tungpalan also noted another trade-enhancing project, TradeNet, an online trading platform targeted to be operational by December that will enable faster electronic cross-border exchange of documents among ASEAN member states.

He added passage of the Ease of Doing Business Act, or the Fast Business Permit Act, will streamline processes and reduce transaction costs in starting and operating a business. DMS