May 10, 2012 / 1:25 AM / 5 years ago

Philippine March exports down 1.2 pct y/y

* Exports in March at $4.30 bln vs yr-ago $4.36 bln
    * Electronics shipments up 1.1 pct in March vs yr ago

    MANILA, May 10 (Reuters) - The Philippines' statistics
office released on Thursday data on March exports:	
    	
    KEY DATA:	
Total exports         Mar    Feb    Jan    Dec    Nov    Oct	
yr/yr change (pct)    -1.2   12.8   3.1   -18.9   -19.4  -14.6	
in $ bln              4.30   4.43   4.12   3.41    3.34   4.09	
    	
Electronics exports	
yr/yr growth (pct)    1.1    15.8   0.5   -29.4   -34.4   -36.5	
in $ bln              2.26   2.33   2.15   1.59    1.53   1.90	
    NOTE: Some numbers for previous months have been revised. 	
    	
    KEY POINTS:	
    - The government has forecast exports to grow 10 percent
this year and imports to climb 15 percent, as manufacturers seek
to shore up depleted inventories.	
    - Semiconductors and Electronics Industries in the
Philippines Inc expects electronics exports to grow 10 to 15
percent in 2012 after contracting more than 20 percent last
year. 	
    - Central bank Governor Amando Tetangco has said there was
less need to support the economy given a pick-up in exports in
recent months and higher state spending. 	
    - The central bank kept its main policy rate steady at a
record low of 4 percent last month, after two rate cuts of 25
basis points each in January and March this year.	
    - Most economists in a Reuters poll in March expected the
central bank to leave the key overnight borrowing rate unchanged
at 4 percent for the rest of the year to boost domestic demand.	
    - 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 exports.	
    - Other top exports include garments and accessories, wood
furniture, vehicle parts, coconut oil, and tropical fruits.	
    - The economy grew 3.7 percent in 2011, below the
government's target. Officials said the economy should gain
momentum this year and grow 5 to 6 percent in 2012.	
    	
    LINK:	
  - National Statistics Office website www.census.gov.ph 	
	
 (Reporting by Rosemarie Francisco, Editing by Eric Meijer)

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