The Philippine Statistics Authority (PSA) reported a 5-month consecutive growth in merchandise imports outpacing the economic performance of its Asian neighbors. The data released on Tuesday, 29th of December shows that the country has once again shown greater improvement on its economic growth.
“The continuing resurgence of imports is a healthy indication of a robust investment demand as it continues to be driven by intermediate capital goods,” Arsenio Balicasan, Planning Secretary said.
“The anticipated recovery of the global economy and brisk election spending will continue to drive imports to double-digit growth,” he added.
The report showed a 16.8 percent increase, amounting to P6.5 billion for the month of October of this year compared to the P5.6 billion in October of 2014. This was made possible due to strong domestic demand for raw materials and intermediate goods that contributed 42.8 percent of the total imports. It has risen by 40.1 percent or $2.79 billion against the $1.99 billion on the same month of last year. Capital goods rose by 25.4 percent and consumer goods by 4.1 percent.
According to PSA, the October import growth was because of 6 of the country’s top ten imports that include:
- Electronic products
- Industrial machinery and equipment
- Telecommunication equipment and Electrical machinery
- Iron and steel
- Cereals and Cereal preparations
- Transport equipment.
“Increasing appetite for capital goods and manufactured goods such as materials accounting for the manufacture of electrical equipment, signifies an upbeat business sector,” Balicasan said.
The Philippines has again proven that it is one of the fastest in Asia when it comes to economic growth. Vietnam, which was number two on the list was down by 1.8 percent in October of this year.