(AFP) – Oct 9, 2008
Philippine exports grew 6.5 percent from a year earlier to 4.38 billion dollars in August, but shipments in the key electronics sector fell, the government said Friday.
The figure was down 1.1 percent compared to July, when exports grew 4.3 percent to 4.42 billion dollars.
The figures come as the head of the main tax collection agency quit her job as commissioner of the Bureau of Internal Revenue after a year in office, the government said Friday.
Lilian Hefti cited "health reasons" in her resignation letter to President Gloria Arroyo, and her replacement will be announced shortly, presidential spokesman Anthony Golez told reporters.
The Philippines posted a lower-than-forecast budget deficit of 18 billion pesos (about 379 million dollars) in the first half, when revenues grew 11.7 percent to 570 billion pesos, 1.5 percent above target, while spending rose 6.7 percent to 588 billion pesos, or 2.4 percent below the ceiling set by the government.
Electronics, which make up the largest segment of Filipino merchandise exports, dropped 2.8 percent from the previous year to 2.53 billion dollars in August, the National Statistics Office said.
Exports for the eight months to August rose 4.41 percent to 34.42 billion dollars, a pace that was slightly below the government's revised 2008 growth target of five percent.
Electronics shipment for the first eight months eased by 1.65 percent to 20.228 billion dollars, the government agency said in a statement.
The Philippine government is aiming for export growth of at least five percent this year. The original target was 11 percent.
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