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24 December 2009
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Philippine economy shows slight improvement in Q4

The latest data from Philippine National Statistics Office (NSO) showed that the economy is likely to have registered a modest improvement in the fourth quarter this year, the Manila Times reported.

In a statement, the NSO said Philippine imports contracted at a slower 16.8 percent year-on-year in October to $3.81 billion. The country’s purchases of merchandise goods from abroad had fallen by 25 percent year-on-year in September.

On a month-on-month basis, total imports for October inched up by 3.8 percent from $3.670 billion in September.

In the first 10 months, imports had fallen by 29 percent year-on-year to $35.485 billion. The October imports brought the trade deficit to $4.175 billion during the 10-month period, less than the $7.070-billion deficit in the same period last year.

In October alone, the deficit amounted to $138 million, lower than the last year’s $588 million. Electronics, which accounted for 37.6 percent of the total import bill, dropped 11.3 percent to $1.431 billion in October, easing from the 22 percent year-on-year contraction in September.

Imports of products used to assemble the country’s biggest export commodity—electronics—grew 7.6 percent month-on-month from $1.331 billion in September. In a separate statement, the NSO said factory output likewise registered a softer contraction in October, as capacity utilisation improved.


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