* 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 The Philippines' statistics
office released on Thursday data on March exports:
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
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.
- 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
- 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.
- National Statistics Office website www.census.gov.ph
(Reporting by Rosemarie Francisco, Editing by Eric Meijer)