MANILA (Thomson Financial) - Philippine merchandise exports growth this year is likely to be weaker on a further slowdown in the US economy, high energy prices and the continued strengthening of the peso, an industry leader said Tuesday.
"Exports contributed very little to national economic growth last year, and we are seeing very little growth, if any for 2008," Sergio Ortiz-Luis, president of the Philippine Exporters Confederation or Philexport said at an energy summit here.
In the first 11 months of last year, exports rose just 4.8 percent from a year before. The reduced target for the whole year is 8 percent.
Electronics exports, which accounted for 61.3 percent of total export earnings in November, fell to 2.42 billion dollars from 2.54 billion dollars a year earlier.
The Semiconductor and Electronics Industries in the Philippines or SEIPI said it is also bracing for a difficult year.
"We are anticipating demand to be weak in the first half of the year. We are just hoping that growth will, at best, be flat and won t get any worse or be negative," said SEIPI executive director Ernesto Santiago.
With exports last year weighed down by "a triple whammy of high electric rates, historic oil prices and a strong peso, nine percent of the country s exporters closed shop last year," said Luis of Philexport.
"While a recession in the US will be a drag on exports in the short-term, it is the high cost of power, triggered by a surge in crude oil prices, that has drastically eroded the viability of the exports sector," said Luis.
Electricity expenses make up about 15 percent of production costs of export manufacturing enterprises in the Philippines.
World oil prices were slightly higher Tuesday in Asian trade, hovering near 90 dollars in a market focused on the fate of the US economy.
Luis said the Philippines has one of the highest electricity rates in Asia, next only to Japan.
The country s two biggest group of exporters have been urging the Philippine government to take more concrete steps to make electricity prices more competitive.
"We hope that the government can seriously consider the exporter s plight. There is a need to address the issues of electric power quality and security, in addition to developing and tapping alternative or renewable energy sources," said Luis.
(1 US dollar = 40.69 pesos)
rocel.felix@thomson.com
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Tuesday, January 29, 2008
Euro zone Nov current account surplus 0.7 bln eur vs 3.1 bln in Oct UPDATE
(Updating with financial account details)
FRANKFURT (Thomson Financial) - The euro zone current account was 0.7 bln eur in surplus in November in seasonally adjusted terms, the European Central Bank said.
This follows a revised October surplus of 3.1 bln eur. The October surplus was revised up from a provisional estimate of 1.3 bln eur.
The November surplus was slightly above market expectations. Economists polled by Thomson Financial News were looking for a November surplus of 0.4 bln eur.
The current account has now been in surplus for six months in a row. Over the 12 months to November, the euro zone had a current account surplus of 25.6 bln eur, equivalent to around 0.3 pct of GDP, the ECB said.
The ECB said surpluses in goods and services trade and in the income account once again outweighed a large deficit on current transfers in November.
The goods surplus declined to 4.8 bln eur from 8.5 bln, but the services surplus widened to 3.2 bln eur from 2.7 bln.
The surplus in the income account fell to just 0.2 bln eur from 2.3 bln the month before. The income account covers investment income flows and wages paid to workers by employers based in a different economy.
Meanwhile, the deficit on current transfers eased to 7.5 bln eur from 10.4 bln. Current transfers cover transfers between governments and workers remittances.
In unadjusted terms the current account was 1.0 bln eur in surplus in November after an October surplus of 3.9 bln.
Meanwhile, in the financial account, there was a combined net inflow of 21.2 bln eur in direct and portfolio investment in November compared with a net outflow of 34.9 bln in October.
There was a marked turnaround in portfolio investment, with a net inflow of 10.2 bln eur in November following an outflow of 56.1 bln in October.
This was mainly the result of an inflow of 25.3 bln eur in debt instruments following an outflow of 49.1 bln the month before. Equity investment outflows increased to 15.1 bln eur from 7.0 bln.
Meanwhile, direct investment inflows declined to 11.0 bln eur from 21.3 bln.
Over the year to November, inflows in direct and portfolio investment totalled 145.3 bln eur. steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
FRANKFURT (Thomson Financial) - The euro zone current account was 0.7 bln eur in surplus in November in seasonally adjusted terms, the European Central Bank said.
This follows a revised October surplus of 3.1 bln eur. The October surplus was revised up from a provisional estimate of 1.3 bln eur.
The November surplus was slightly above market expectations. Economists polled by Thomson Financial News were looking for a November surplus of 0.4 bln eur.
The current account has now been in surplus for six months in a row. Over the 12 months to November, the euro zone had a current account surplus of 25.6 bln eur, equivalent to around 0.3 pct of GDP, the ECB said.
The ECB said surpluses in goods and services trade and in the income account once again outweighed a large deficit on current transfers in November.
The goods surplus declined to 4.8 bln eur from 8.5 bln, but the services surplus widened to 3.2 bln eur from 2.7 bln.
The surplus in the income account fell to just 0.2 bln eur from 2.3 bln the month before. The income account covers investment income flows and wages paid to workers by employers based in a different economy.
Meanwhile, the deficit on current transfers eased to 7.5 bln eur from 10.4 bln. Current transfers cover transfers between governments and workers remittances.
In unadjusted terms the current account was 1.0 bln eur in surplus in November after an October surplus of 3.9 bln.
Meanwhile, in the financial account, there was a combined net inflow of 21.2 bln eur in direct and portfolio investment in November compared with a net outflow of 34.9 bln in October.
There was a marked turnaround in portfolio investment, with a net inflow of 10.2 bln eur in November following an outflow of 56.1 bln in October.
This was mainly the result of an inflow of 25.3 bln eur in debt instruments following an outflow of 49.1 bln the month before. Equity investment outflows increased to 15.1 bln eur from 7.0 bln.
Meanwhile, direct investment inflows declined to 11.0 bln eur from 21.3 bln.
Over the year to November, inflows in direct and portfolio investment totalled 145.3 bln eur. steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
*EURO ZONE NOV CURRENT ACCOUNT SURPLUS 0.7 BLN EUR VS 3.1 BLN IN OCT
*EURO ZONE NOV CURRENT ACCOUNT SURPLUS 0.7 BLN EUR VS 3.1 BLN IN OCT
FRANKFURT (Thomson Financial) - steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
FRANKFURT (Thomson Financial) - steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
Euro zone Nov current account surplus 0.7 bln eur vs 3.1 bln in Oct
FRANKFURT (Thomson Financial) - The euro zone current account was 0.7 bln eur in surplus in November in seasonally adjusted terms, the European Central Bank said.
This follows a revised October surplus of 3.1 bln eur. The October surplus was revised up from a provisional estimate of 1.3 bln eur.
The November surplus was slightly above market expectations. Economists polled by Thomson Financial News were looking for a November surplus of 0.4 bln eur.
The current account has now been in surplus for six months in a row. Over the 12 months to November, the euro zone had a current account surplus of 25.6 bln eur, equivalent to around 0.3 pct of GDP, the ECB said.
The ECB said surpluses in goods and services trade and in the income account once again outweighed a large deficit on current transfers in November.
The goods surplus declined to 4.8 bln eur from 8.5 bln, but the services surplus widened to 3.2 bln eur from 2.7 bln.
The surplus in the income account fell to just 0.2 bln eur from 2.3 bln the month before. The income account covers investment income flows and wages paid to workers by employers based in a different economy.
Meanwhile, the deficit on current transfers eased to 7.5 bln eur from 10.4 bln. Current transfers cover transfers between governments and workers remittances.
In unadjusted terms the current account was 1.0 bln eur in surplus in November after an October surplus of 3.9 bln. steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
This follows a revised October surplus of 3.1 bln eur. The October surplus was revised up from a provisional estimate of 1.3 bln eur.
The November surplus was slightly above market expectations. Economists polled by Thomson Financial News were looking for a November surplus of 0.4 bln eur.
The current account has now been in surplus for six months in a row. Over the 12 months to November, the euro zone had a current account surplus of 25.6 bln eur, equivalent to around 0.3 pct of GDP, the ECB said.
The ECB said surpluses in goods and services trade and in the income account once again outweighed a large deficit on current transfers in November.
The goods surplus declined to 4.8 bln eur from 8.5 bln, but the services surplus widened to 3.2 bln eur from 2.7 bln.
The surplus in the income account fell to just 0.2 bln eur from 2.3 bln the month before. The income account covers investment income flows and wages paid to workers by employers based in a different economy.
Meanwhile, the deficit on current transfers eased to 7.5 bln eur from 10.4 bln. Current transfers cover transfers between governments and workers remittances.
In unadjusted terms the current account was 1.0 bln eur in surplus in November after an October surplus of 3.9 bln. steve.whitehouse@thomson.com sw/vlb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
Taiwan Dec bad check ratio by value 0.70 pct vs 0.58 pct in Nov
TAIPEI (XFN-ASIA) - The bad check ratio by value came in at 0.70 pct in December, compared with 0.58 pct in the previous month, the central bank said.
In volume terms, the December bad check ratio was 0.44 pct, up from 0.41 pct a month earlier, it said.
For the full-year 2007, the bad check ratio by value remained unchanged at an average of 0.64 pct, while by volume it fell to 0.43 pct from 0.49 pct.
adela.lin@afxasia.com
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In volume terms, the December bad check ratio was 0.44 pct, up from 0.41 pct a month earlier, it said.
For the full-year 2007, the bad check ratio by value remained unchanged at an average of 0.64 pct, while by volume it fell to 0.43 pct from 0.49 pct.
adela.lin@afxasia.com
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Taiwan-China Jan-Nov bilateral trade 92.68 bln usd, up 15.3 pct yr-on-yr
TAIPEI (XFN-ASIA) - Bilateral trade between Taiwan and mainland China in the 11 months to November 2007 rose 15.3 pct from a year earlier to 92.68 bln usd, the Board of Foreign Trade said.
The figure accounted for 22 pct of Taiwan s total external trade during the period, up 1.4 percentage points from a year earlier, the board said in a statement.
Taiwan registered a trade surplus with China of 41.89 bln usd, up 19.4 pct from a year earlier.
Exports to the mainland rose 16.5 pct year-on-year to 67.29 bln usd, while imports were up 12.1 pct at 25.39 bln usd.
Shipments to mainland China accounted for 30.1 pct of Taiwan s total exports during the 11-month period, up 1.9 percentage points from a year earlier.
Imports from China accounted for 12.8 pct of the island s total imports, up 0.6 percentage points from a year earlier.
adela.lin@afxasia.com
MMMM
The figure accounted for 22 pct of Taiwan s total external trade during the period, up 1.4 percentage points from a year earlier, the board said in a statement.
Taiwan registered a trade surplus with China of 41.89 bln usd, up 19.4 pct from a year earlier.
Exports to the mainland rose 16.5 pct year-on-year to 67.29 bln usd, while imports were up 12.1 pct at 25.39 bln usd.
Shipments to mainland China accounted for 30.1 pct of Taiwan s total exports during the 11-month period, up 1.9 percentage points from a year earlier.
Imports from China accounted for 12.8 pct of the island s total imports, up 0.6 percentage points from a year earlier.
adela.lin@afxasia.com
MMMM
EU Presidency s Bajuk says no economic signs of US recession UPDATE
(Updates with further quote)
BRUSSELS (Thomson Financial) - Slovenian finance minister Andre Bajuk says there are "no economic signs" that US recession is happening, but added that "we cannot exclude the risk".
"There are currently no economic signs that this is becoming a reality," he told his reporters on his way into an event here, when asked about the possibility of a recession in the US. frances.robinson@thomson.com fr/slm/fr/lam COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
BRUSSELS (Thomson Financial) - Slovenian finance minister Andre Bajuk says there are "no economic signs" that US recession is happening, but added that "we cannot exclude the risk".
"There are currently no economic signs that this is becoming a reality," he told his reporters on his way into an event here, when asked about the possibility of a recession in the US. frances.robinson@thomson.com fr/slm/fr/lam COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
EU Presidency s Bajuk says no economic signs of US recession
BRUSSELS (Thomson Financial) - Slovenian finance minister Andre Bajuk says there are "no economic signs" that US recession is happening.
"There are currently no economic signs that this is becoming a reality," he told his reporters on his way into an event here, when asked about the possibility of a recession in the US. frances.robinson@thomson.com fr/slm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
"There are currently no economic signs that this is becoming a reality," he told his reporters on his way into an event here, when asked about the possibility of a recession in the US. frances.robinson@thomson.com fr/slm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
*EU PRESIDENCY S BAJUK SAYS NO ECONOMIC SIGNS OF US RECESSION
*EU PRESIDENCY S BAJUK SAYS NO ECONOMIC SIGNS OF US RECESSION
BRUSSELS (Thomson Financial) - frances.robinson@thomson.com fr/hjp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
BRUSSELS (Thomson Financial) - frances.robinson@thomson.com fr/hjp COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
French Jan consumer confidence indicator -34 vs -30 in Dec - Insee
PARIS (Thomson Financial) - A composite indicator of consumer confidence in France fell to -34 in January from -30 in December on a seasonally adjusted basis, according to a monthly survey carried out by statistics office Insee.
The indicator represents the balance in percentage points between consumers having experienced, or expecting, a rise in their living standard and those seeing a decline.
The indicator on consumers past personal financial situation was -25 in January compared with -23 a month earlier, while the outlook for personal finances was -13 versus -10.
Past French standard of living was -64 compared with -62 the month before, and the outlook for the French standard of living stood at -44 versus -32.
The Insee indicator showing the inclination to buy consumer goods was -24 on the month against -23 in December. helen.beresford@thomson.com hem/ejb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
The indicator represents the balance in percentage points between consumers having experienced, or expecting, a rise in their living standard and those seeing a decline.
The indicator on consumers past personal financial situation was -25 in January compared with -23 a month earlier, while the outlook for personal finances was -13 versus -10.
Past French standard of living was -64 compared with -62 the month before, and the outlook for the French standard of living stood at -44 versus -32.
The Insee indicator showing the inclination to buy consumer goods was -24 on the month against -23 in December. helen.beresford@thomson.com hem/ejb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. MMMM
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