Exports hit 3.5-year low

PHILIPPINE exports fell 17.4 percent in May to their lowest level in three-and-a-half years, with a rebound seen only later in the year given the economic slowdown in China and fallout from the Greek debt crisis.

“As the external environment continues to be unfavorable and fragile, strengthening domestic demand should be a priority,” National Economic and Development Authority (NEDA) Officer-in-Charge and Deputy Director General Emmanuel Esguerra said.