TAIPEI: Taiwan was the third-biggest source of imports to the Philippines in February, behind only China and the United States, according to a report published by the Philippines’ National Economic and Development Authority (NEDA).
The total value of Philippine imports in February expanded to US$5.3 billion in February from US$4.8 billion in the same month of last year. The increase was in stark contrast to a 12.4 percent decline in January, according to the report.
China accounted for 16.3 percent of the total import value, followed by the United States at 10.7 percent, Taiwan at 8.4 percent, Singapore at 8.2 percent, Japan at 7.6 percent, Germany at 6.7 percent, Thailand at 6.4 percent, South Korea at 6.3 percent, Malaysia at 4.6 percent and Indonesia at 4.2 percent, according to the report.
The report said that the robust growth in total merchandise imports was mainly due to higher value of capital goods, up 21.5 percent, intermediate goods, up 16.7 percent and consumer goods, up 12.2 percent.
NEDA Deputy Director-General Rolando Tungpalan said the growth shows brisk economic activity in the construction and manufacturing industries and indicates strong domestic demand, particularly in private consumption and private investment.
Tungpalan said that if the trend continues in the next few months, the country’s gross domestic product this year is expected to maintain robust growth.
Conversely, imports of mineral fuels and lubricants in February dropped 18.7 percent to US$666.7 million from US$819.6 million in the same month of last year, marking its fourth consecutive drop.
Tungpalan said that this current oil price trend should be seen as favorable and a good opportunity for businesses to expand investments.
