The Philippine Foreign Trade boosted by 12.9%, amounting to $216.20 billion in 2022 from $191.58 billion in 2021. However, the imports further broadened the country’s trade gap by 38%, according to the Philippine Statistics Authority (PSA) data.
The total foreign trade of imports, which comprised 63.5%, grew 17.4% to $137.22 billion in 2022 from $116.89 billion in 2021 as the economy regains momentum to recover from the pandemic. Some imports are raw materials to semi-processed or finished goods for export. Thus, Exports likewise gained, but at a slower pace of 5.7% to $78.98 billion from $74.693 billion, which led to a trade deficit.
Continue reading Boost in PH Foreign Trade noted in 2022
The Export Development Council (EDC), together with the Philippine Chamber of Commerce and Industry (PCCI), Philippine Exporters Confederation, Inc. (PHILEXPORT), and Supply Chain Management Association of the Philippines (SCMAP) reaffirm call for Congress to approve the Public Service Act (PSA) amendments.
The groups highly encourage the Congressional Bicameral Conference Committee to adopt the most liberal provisions between the House and Senate versions in the sectors of (1) airports and seaports, (2) tollways/expressways, (3) air carriers, (4) telecommunications, and (5) public utility vehicles (PUVs). Continue reading EDC and business groups reaffirmed call for Congress to approve Public Service Act amendments