BSP: 2011 exports to hit $50.2B

The Bangko Sentral ng Pilipinas (BSP) projected on Monday that the country’s export earnings this year will reach $50.2 billion—just one percent off from last year—while imports slow down by seven percent to $66 billion.   Director Rosabel Guerrero of the BSP Department of Economic Statistics (DES) said manufactured goods exports from January to September this year “dropped to $30.9 billion compared to $34.0 billion in the same period last year.”   “The 9.2 percent contraction was due to lower shipments of electronic products which decreased by 19.5 percent to $19.8 billion. In particular, lower demand from major export destinations such as Singapore, Japan and Malaysia was registered for the period January-September 2011,” Guerrero said.   In contrast, the services account grew by 10.2 percent to $2.6 billion during the first nine months of 2011, “due mainly to higher net receipts in computer and information (9.8 percent) and other business services (6.9 percent), as well as lower net payments registered in travel services (12.4 percent).”   The BPO sector earned $7.9 billion in the first nine months of 2011, according to Guerrero, citing BSP data. Computer and information services raked in $1.2 billion while $6.7 billion came from “miscellaneous business, professional and technical services.” — ELR, GMA News