THE Department of Trade and Industry is confident the Philippine economy will continue to rebound and grow in the coming months after exports grew 9.8 percent in the first quarter.
In March 2022, the country’s monthly exports reached $7.17 billion, representing growth of 5.9 percent from the $6.20 billion in February. The DTI, in a news statement, noted that 21 out of 48 Philippine export commodity groups drive the resurgence of the country’s export sector, recording consistent increases in export sales as compared to three time periods: 2021, 2020, and pre-pandemic average over 2017-2019.
In March, agro-based exports showed a 32.6-percent growth compared to the same period last year, which is mainly attributed to increased export sales of coconut products at 63.3 percent and other fruits and vegetables including bananas and mangoes at 14.1 percent. According to a report published last week by S&P Global, Purchasing Managers’ Index , which measures manufacturing output, the Philippines’ PMI hit 53.2 in March, from 52.8 in February.
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