Philippine overseas shipments expanded at their quickest pace in five years during September, propelling total export sales to an all-time high. The sharp acceleration was powered by surging international demand for electronics and a weakening local currency that boosted competitiveness.
The Southeast Asian nation exported $9.87 billion worth of goods during the month, marking a 36% increase compared to the same period a year earlier, according to official data from the national statistics agency. Records compiled show this performance represents the fastest monthly expansion since April 2021.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that the milestone provides a major lift for domestic economic momentum. Ricafort pointed to the dual catalysts of a depreciating peso and robust global appetite for technology components, particularly hardware tied to artificial intelligence.
The Philippine peso has faced downward pressure, ranking among Asia’s weakest performers with a 7.6% depreciation against the U.S. dollar this year. Amid rising oil prices, the currency recently weakened to a fresh record low of 64.20 per dollar.
Electronics products remained the backbone of the country’s export economy, with sales in the sector jumping 72% year-over-year to reach $6.92 billion in September.
Geographically, the United States emerged as the primary destination for Philippine goods during the month. Hong Kong ranked as the second-largest market, followed by China, Vietnam, and Japan.
Even as export receipts reached record levels, inbound shipments also expanded significantly. Imports climbed 26% to $15.03 billion, resulting in a trade deficit of $5.15 billion for the month, which remains wider than the deficit recorded a year prior.
