Trade showing signs of recovery
Trade revival seen with strict health protocols, structural reforms and gradual reopening
MANILA – The marked improvement in trade’s performance last September this year shows the country’s approach to gradually reopening the economic and strict observance of health protocols would augur well with the expected economic recovery.
This was how the National Economic and Development Authority looks at the report furnished by the Philippine Statistics Authority which disclosed the country’s merchandise trade performance registered a slower decline of 9.2 percent in September 2020 from the previous month’s 17.9 percent contraction as relaxation of quarantine measures led to a growth of trade activities.
Merchandise exports reversed its six-month long decline to post a 2.2 percent growth as outward shipments continue to improve.
However, imports fell by 16.5 percent but showed slower contractions in major commodities including capital goods, raw materials and intermediate goods, mineral fuels, and consumer goods, compared to the performance last August.
“As we continue our efforts to manage the COVID-19 pandemic, measures to support business and consumers in Bayanihan 2 will help the economy recover faster. The government needs to pass the remaining recovery programs, the Corporate Recovery and Tax Incentives for Enterprises (CREATE) bill, the Government Financial Institutions Unified Initiative to Distressed Enterprises for Economic Recovery (GUIDE) bill and the Financial Institutions Strategy Transfer (FIST) bill which will further support COVID-19-affected sectors recover faster, while promoting the resurgence of trade,” said NEDA Acting Secretary Karl Kendrick T. Chua.
NEDA supports the possible amendment to the Public Service Act (PSA), the Foreign Investment Act (FIA), and the Retail Trade Liberalization (RTL) Act to spur investments in logistics and critical infrastructure that will help exporters increase productivity and competitiveness. (Melo M. Acuña)
Acting NEDA Secretary Karl Kendrick T. Chua (NEDA File Photo)