May imports up 39%

PHILIPPINE imports rose by 39.3 percent to $6.7 billion in May due to increase in local demand for capital and consumer goods, the National Economic and Development Authority (NEDA) said Tuesday.

For January to May, the total imports reached to $31.893 billion, 18.2 percent higher compared to $26.976 billion in the same period of last year.

“The bullish performance of imports is a clear signal that our domestic economic conditions remain robust despite the weak global economy. With its current upward trend, we expect investments and consumption to drive growth for the rest of the year,” said Socioeconomic Planning Secretary Ernesto M. Pernia.

Among 11 selected Asian countries, only the Philippines posted a double-digit growth of 39.3 percent while other coun- tries declined.

“With the sluggish import activities in the region, we must focus on fast-tracking the country’s infrastructure development to support the growth of our economy and improve our absorptive capacity for investments,” the Cabinet official said.

Import of capital goods nearly doubled its growth in May by posting a 99.9-percent increase, continuing on its double-digit growth path for the ninth consecutive month and the 16th consecutive month of positive growth.

Similarly, import of consumer goods increased by 47.2 percent to US$ 1.2 billion in May 2016 due to higher spending on both durable goods (92.4 percent) and non-durable goods (15.0 percent), driven by the higher demand for passenger cars and motorized cycles during the period.