PH exports down by 3.9% in January
The National Economic and Development Authority (NEDA) reported on March 10 that Philippine exports fell by 3.9% or $4.2 billion in January due to lower earnings from all major commodity groups.
Most of the major East and Southeast Asian trade-oriented economies registered negative growth at the start of the year. Vietnam hit the least decline while Singapore suffered the steepest.
Socioeconomic Planning Secretary Emmanuel F. Esguerra said in a statement that the year 2016 is expected to be a challenging one for the export sector as the global economy faces sluggish economic recovery and uneven growth. “We see global trade growth remaining at a low level as the world copes with soft demand and lower commodity prices,” he said.
On the brighter side, exports of electronic products hit a 5% increase in January, its eighth consecutive month of positive growth.
Manufacturing starts strong in 2016
Production of chemical products and food manufactures expanded in January, NEDA reported Thursday.
The Volume of Production Index (VoPI) grew by 34.3%, nearly seven times more than its growth rate of 5% in December 2015, while the Value of Production Index (VaPI) recovered from its consistent decline since April 2015 as it posted a 26.5-percent growth, the Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries for January 2016 cited.
A bullish business outlook is anticipated for the second quarter of 2016 on the back of higher election-related spending activities and the roll out of infrastructure projects, NEDA cited.
Ayala Corporation breaches 2015 target net income
The oldest conglomerate told the local stock exchange on Thursday that its net income expanded 20% to P22.3 billion ($476.55 million) in 2015, attributed to the strong performance of its real estate, telecommunications, and power generation businesses.
Ayala Corporation earlier targeted a net income of P20 billion ($427.34 million).
The diversified conglomerate also informed the local bourse that it allotted P174 billion ($3.72 million) for capital spending this 2016. The allotment is for the expansion its real estate and telecommunications units.
The Ayala conglomerate’s subsidiaries and affiliates include Ayala Land; Bank of the Philippine Islands; Globe Telecom, Inc.; Manila Water Company, Inc.; Integrated Microelectronics, Inc.; AC Energy Holdings; Inc.; AC Infrastructure Holdings Corporation; Liveit Investments, Ltd.; Ayala Education, Inc.; AyalaAutomotive Holdings Corporation; and AG Holdings Limited. – Lynda C. Corpuz