Philippines exports slip 9%
The bad August data is due to electronic shipments crashing 14.9% yoy.
According to BBVA Research, the Philippines’ exports declined by a worse-than-expected -9.0% y/y in August (consensus: -5.8% y/y), with electronic shipments down by -14.9% y/y. Authorities also hinted that their 10% export target for 2012 may not be reached, which would increase the chances of an interest rate cut in the coming months (they last cut rates by 25bps in July).