Philippine December exports down 20.7 pct yr/yr

* Exports in Dec at $3.33 bln vs yr-ago $4.2 bln
* Electronics shipments down 32.7 pct from yr ago
* Full-year 2011 exports down 6.86 percent

MANILA, Feb 10 (Reuters) - The Philippines' statistics
office on Friday released data on December exports:

KEY DATA:
Total exports Dec Nov Oct Sept Aug July
yr/yr change (pct) -20.7 -19.4 -14.6 -27.0 -13.7
-1.7 in $ bln 3.33 3.34 4.09 3.90
4.12 4.43

Electronics exports
yr/yr growth (pct) -32.7 -34.4 -36.5 -47.9 -30.6 -21.3
in $ bln 1.52 1.53 1.90 1.81 2.07
2.25

KEY POINTS:
- Philippine exports fell 6.86 percent in 2011, against a
government estimate of 5 percent growth and worse than the
central bank's forecast of a 1 percent drop, due largely to
slowing demand for the country's key electronics and
semiconductor products.
- The Semiconductors and Electronics Industries in the
Philippines Inc (SEIPI) had forecast a drop of more than 20
percent in electronics exports for 2011 because of the weakening
global economy.
- The Philippines provides about 10 percent of the world's
semiconductor manufacturing services, including for mobile phone
chips and micro processors. Semiconductors account for about
three-fifths of Philippines' exports.
- Other top Philippine exports include garments and
accessories, wood furniture, vehicle parts, coconut oil, and
tropical fruits.
- The economy grew 3.7 percent in 2011, way below the
government's target of 4.5 to 5.5 percent. Officials said the
economy should gain momentum this year and grow 5 to 6 percent
in 2012.
- The continued weakness in exports strengthens the case for
another interest rate cut in March. The central bank, which cut
its key policy rate for the first time in 2 -1/2 years in
January, will meet on March 1 to review policy.

LINKS:
- National Statistics Office website www.census.gov.ph

(Reporting by Erik dela Cruz; Editing by Rosemarie Francisco)