Banana exports may take a hit after 'Pablo' devastates farms

MANILA, Philippines -- The government plans to tap local banana farmers spared from typhoon Pablo to help fill up export quotas of traders devastated by the recent weather disturbance.

"Yun pong allocations natin sa local market, yun po ang pakikiusapan po natin. Ako po'y personal na makikiusap kung puwedeng gamitin muna sa kumpirmiso ng ating mga traders para wag tayong masira," Agriculture Secretary Proceso J. Alcala told ANC News Now on Thursday.

Alcala said his department foresees bananas as the most hit agriculture produce after typhoon Pablo ravaged southern Philippines.

Since most of the banana plantations in the provinces of typhoon-hit Bukidnon and Compostela Valley cater to export markets, Alcala said the government may need to ask for help from other local producers in filling up export quotas.

"Yung mga hindi tinamaan na may taniman ng bananas, yung gobyerno po ay makikipagnegotiate sa kanila para lang wag pong masira ang ating traders kasi baka later on hindi na po bumalik sa tin [ang buyers]," Alcala said.

Alcala pegs initial cost of damage to crops at P250 million to P300 million. Aside from bananas, typhoon Pablo also affected rice plantations, fishing communities, and irrigation infrastructure, the Agriculture chief said.

Typhoon Pablo has already killed 325 people and injured hundreds more, the National Disaster Risk Reduction and Management Council said Thursday morning. Meanwhile, 379 people have been reported missing.

source: abs-cbnnews.com

Abaca exports drop 10% in 1H

MANILA – Philippine abaca exports fell by a tenth in the first six months of the year, the Fiber Industry Development Authority said.

In a statement, FIDA said the country sold $63.95 million in the January to June period, down 10.5 percent from the $71.48 million a year ago.

Shipments of abaca pulp, which accounted for 76 percent of total earnings, fell to $49.05 million from $52.11 million last year despite a 2 percent increase in volume shipped during period.

Sales of raw fiber, which made up 10 percent of total exports, suffered the sharpest fall, dropping 63.3 percent to $2.47 million from last year’s $6.75. The volume of shipments likewise fell 58.5 percent year-on-year. Asia was the Philippines’ biggest market, with shipments sliding 73 percent year-on-year.

Cordage exports likewise slid 6.6 percent to $ 7.76 million from $8.31million last year, as the volume of shipments slipped 13.8 percent year-on-year.

Despite the drop in exports, FIDA is optimistic that shipments would recover in the second half of the year amid demand for filter paper used in disposable coffee and tea cups.

The industry expects exports to increase by 10 percent this year, after shipments jumped 34.3 percent to $140.3 million year-on-year in 2011.

source: interaksyon.com

Exports growth likely slowed to 2% in May - DBS

MANILA – Philippine exports likely slowed to a 2 percent increase in May from the 7.6 percent growth the month before, according to DBS.

The National Statistics Office is scheduled to release the May figures on July 10.

“Essentially, the April growth figure was probably skewed to the upside and is unlikely to be sustained,” DBS said in a research note on Monday.

The NSO earlier reported that electronics shipments, which comprise the bulk of exports, fell 23.8 percent. Despite this decline, other types of shipments jumped 91.5 percent, thus leading to the positive April figure.

“Without the surge in that category, headline growth would have been negative. At this point, it is far from clear that this spike in exports can be maintained and we have assumed that this is a one-off jump. Against the backdrop of slowing global growth, the outlook for exports has become considerably cloudier,” DBS said.

“The temporary rebound in electronics exports in the early part of the year has tapered off as inventory restocking ran its course. With final demand not likely to pick up, the value of electronics exports is likely to go largely sideways for the next few months,” it added.

Data from NSO showed electronics exports had grown 5.8 percent in the first quarter before dropping in April. The Semiconductor and Electronics Industries in the Philippines Inc. already cut its growth forecast to a range of 5-7 percent this year from an earlier estimate of 10-15 percent.

DBS however expects the Philippine economy to grow by 5.3 percent, or above the low-end of the government’s target range of 5-6 percent notwithstanding the “external drag on growth in the second half.”

In the first quarter, the country’s gross domestic product grew a faster-than-expected 6.4 percent, making it Asia’s second-fastest after China.

source: interaksyon.com