Philippine Slow Export Industry
What is the current real score of the Philippines in terms of global competitiveness in the midst of prevailing world economic setback?
According to the latest export data from the National Statistics Office (NSO),only 3.3 percent of the last year’s revenue was gained, that is from last year $28.25 billion into $ 29.19 billion only.
The global competitiveness of export products of the Philippines has been down this year and the Bangko Sentral ng Pilipinas(BSP) said the setback of growth on Philippines export industry is due to low demand from the major export countries where the Philippines export its export products, that is from the United States and Europe.
This is so because America and Europe has recently experiencing financial problems and most citizens on America and Europe are losing their jobs or some are already becoming jobless as some international reports said. Actually, poverty incidence rate in America is now 15 % and it is due to increasing unemployment as the international reports also said.
Thus, since the prime countries where the export industry of the Philippines mostly earn is now in great brink of economic collapse, the Bangko Sentral ng Pilipinas(BSP) urges Pinoy exporters to be more competitive and find new market for their export products as well as urged them to improved the quality of their respective export products to gain better and increased revenues.
Moreover, what weakens more the revenues of Pinoy exporters is the rising value of Philippine peso on foreign exchange market which of course lessens their dollar revenues. Thus, in counter urge of the Bangko Sentral ng Pilipinas(BSP) to improved the quality of their export products and find new foreign markets for their markets, they too urges the Bangko Sentral ng Pilipinas(BSP) to deliberately weaken the Philippine peso by buying more dollars to strengthen the value of dollars in the Philippines. But Bangko Sentral ng Pilipinas(BSP) refused to do so though the Bangko Sentral ng Pilipinas(BSP) admitted that they actually buy and sell foreign currencies but it is not to kill the Philippine peso neither to boost the Philippine peso for according to Bangko Sentral ng Pilipinas(BSP),that is not their policy.
Thus, Pinoy exporters were left by the Bangko Sentral ng Pilipinas(BSP) ‘ advice to be more competitive and develop new market for their products if they wanted to gain higher revenues in the future despite some foreign economic setbacks.
In connection to this lukewarm status of the export industry in the Philippines, will PNoy’s idea of exporting the Pinoy coconuts to United States market, a very good idea to strengthen the export industry in the Philippines?
Actually,it is a very bad idea for the United States is already on the brink of economic collapse,yet he want to sell our Pinoy coconuts to them? What will the Philippines gain? Smells something fishy going on with PNoy and the United States.
Moreover, if Pinoy coconuts will already become a prime exclusive export products, then there would be no coconut juice left for Filipinos to drink their own coconut juice and will be force to Buy their Own products!!!,just to strengthen US failing economy???!!! What a big Slap on Filipinos PNoy is doing! What Benigno “Noynoy” Aquino III is doing;is he pro-Pinoy or pro-America disguising to be pro-Pinoy?
Is PNoy selling the Philippines to America? In exchange for what?