Philippine Domestic Trade Grew Nearly 40% By Value in the Second Quarter

I don't know why some of these politicians and celebrities were barking about the Philippine economy going bad and blaming it to President Rodrigo Duterte. Most of them are ignorant enough and fast enough to talk rather than to research about the real stats of Philippine economy, well if you research for that keyword "Philippine Economy 2017" in Google, many of the sites said that the Philippines were one of the fastest growing economy in Asia.

As a normal and poor Filipino citizen, we don't really feel the impact of economy in our daily lives, so what I have search today is the impact that Filipino made from domestic trade. This is important to us, because when we trade locally we can compute on the spot how small time Filipinos makes an increase or decrease effect on our local products and growth.

Again, these statistics and article wasn't mine as I am not an expert on this area but we can all be observant and avoid being ignorant about this matters. I have added the original source or you can see the link/referrece of the below article after this post.

DOMESTIC trade grew nearly 40% by value in the second quarter on the back of increasing local consumption, with the growth track seen continuing for the remaining of the year.

Preliminary results reported for the quarter by the Philippine Statistics Authority (PSA) in “Commodity Flow in the Philippines” showed that the value of goods traded during the period was P158.71 billion, up 39.3%.

The PSA said in the report that 99.8% of the goods were traded coastwise. The rest were transported by air. No trade was recorded via rail in the second quarters of 2015 and 2016.

The main driver of domestic trade was food and live animals, accounting for 30.2% of the value, or P34.41 billion.

A market economist for a bank, who asked not to be identified, said that the strong growth data was due to election spending and positive economic conditions, sparking optimism among consumers and businesses.

“One of the main factors that contributed to the increase in trade was investment inflows of machinery despite the global slowdown. We still have a good economic environment conducive to more investment spending” the analyst told BusinessWorld.

Manufactured goods classified chiefly by materials followed with a 17.2% share or P19.58 billion; machinery and transport equipment accounted for 16.9% or P19.22 billion; and animal and vegetable oils, fats and waxes consisted of 1.2% or P1.37 billion.

Asked about the outlook for the rest of the year, the bank economist said: “Domestic trade will continue to grow, as we are nearing the Christmas season. People are buying and shipping commodities, so there is buoyant trade activities as we near the end of the year.”

Domestic trade was highest in the National Capital Region, reporting the highest share of traded commodities -- 19.5%, or P31 billion. This was followed by Western Visayas with 13.7% or P21.67 billion. Central Visayas accounted for 13.5% or P21.36 billion, Eastern Visayas 13.4% or P21.19 billion, and Northern Mindanao 10.6% or P16.80 billion.

Source: http://www.bworldonline.com/content.php?section=Economy&title=domestic-trade-up-nearly-40-in-second-quarter&id=134894