Philippine exports surpass $100 billion for first time

By Vietnam News Agency
Tue, April 2, 2024 | 10:12 pm GMT+7

Philippine exports hit $103.6 billion in 2023, exceeding $100 billion for the first time and a 4.8% increase from 2022, the country's Department of Trade and Industry (DTI) said on Monday.

Citing data from the Bangko Sentral ng Pilipinas (BSP), the country's central bank, DTI Secretary Alfredo Pascual said that the strong performance of the information technology and business process management sectors and a turn-around in tourism revenues drove the growth.

Philippine exports surpass $100 billion for the first time. Photo courtesy of msn.com.

Philippine exports surpass $100 billion for the first time. Photo courtesy of msn.com.

Due to enhanced travel connectivity and promotional efforts, the Southeast Asian country recorded a surplus in tourism revenues for the first time in 15 years, reaching $9.1 billion in 2023, more than doubling its 2022 level.

According to the DTI, much of the export growth was driven by a significant expansion of 17.4% in the country's services exports, with travel services contributing nearly 70% of the incremental services export receipts in 2023.

However, weak external demand in the goods sector dampened exports' overall contribution to economic growth. In 2023, total exports accounted for 27% of the country's gross domestic product (GDP).

According to BSP data, goods exports faced challenges, with electronics declining by 3.4% or $955 million compared to 2022.

The minister acknowledged that this decline highlights the importance of diversifying export portfolios and enhancing competitiveness in key sectors.

Comments (0)
  • Read More
Vietnam’s wood pellet industry needs production standardization to meet global demand: experts

Vietnam’s wood pellet industry needs production standardization to meet global demand: experts

Businesses should invest in developing dedicated raw material zones to reduce the Vietnamese wood pellet industry’s reliance on secondary supply sources and ensure compliance with legality and sustainability standards, said an expert.

Economy - Tue, July 15, 2025 | 9:18 am GMT+7

Riding out tariff turbulence, investment funds in Vietnam report strong growth gains

Riding out tariff turbulence, investment funds in Vietnam report strong growth gains

Many equity funds in Vietnam have posted strong growth returns, with gains exceeding 30% since the market’s April 10 trough in 2025, data collected by The Investor shows.

Finance - Tue, July 15, 2025 | 9:00 am GMT+7

Singapore supports businesses, workers amid US tariff pressures

Singapore supports businesses, workers amid US tariff pressures

The Singapore Economic Resilience Taskforce (SERT) has announced measures to help Singapore companies adapt to a new U.S. tariff.

Southeast Asia - Mon, July 14, 2025 | 10:11 pm GMT+7

Malaysia makes efforts to minimize US tariff’s impacts

Malaysia makes efforts to minimize US tariff’s impacts

Malaysia’s top export to the U.S. - electronics and electrical products - will face the biggest brunt of a 25% tariff hike that the U.S. has imposed on the country, said head of School of Business under the Monash University Malaysia Prof Nafis Alam.

Southeast Asia - Mon, July 14, 2025 | 10:08 pm GMT+7

Thailand faces $6.14 bln export loss if US tariff is 25-36%: forecast

Thailand faces $6.14 bln export loss if US tariff is 25-36%: forecast

Thailand could lose up to THB200 billion ($6.14 billion) in export value this year if the U.S. imposes new tariffs ranging from 25-36% on Thai goods, according to a forecast from the University of the Thai Chamber of Commerce (UTCC).

Southeast Asia - Mon, July 14, 2025 | 10:06 pm GMT+7

Southern Vietnam province Tay Ninh okays many high-tech agri projects

Southern Vietnam province Tay Ninh okays many high-tech agri projects

Tay Ninh authorities recently granted in-principle approvals to a string of high-tech agricultural projects, paving the way for significant development opportunities in the southern province.

Industries - Mon, July 14, 2025 | 10:00 pm GMT+7

Construction ministry backs $1.95 bln port project in southern Vietnam

Construction ministry backs $1.95 bln port project in southern Vietnam

Geleximco Group's Cai Mep Ha container and general port project aligns with the national master plan and the master plan for Vietnam’s seaport system, according to the Ministry of Construction.

Infrastructure - Mon, July 14, 2025 | 5:09 pm GMT+7

Electric vehicles in Vietnam: 7 years of development and double-digit growth prospect

Electric vehicles in Vietnam: 7 years of development and double-digit growth prospect

The shift toward greener mobility has been underway in Vietnam and the local electric vehicle (EV) market is expected to see double-digit growth thanks to favorable policies, infrastructure development, automakers’ efforts, and a young consumer base.

Economy - Mon, July 14, 2025 | 4:46 pm GMT+7

HCMC apartment prices continue to rise as supply hits 10-year low in H1

HCMC apartment prices continue to rise as supply hits 10-year low in H1

The apartment market in former Ho Chi Minh City continued to see rising prices since the total supply in the first six months of 2025 hit the lowest since 2015, according to real estate consultancy firm DKRA.

Real Estate - Mon, July 14, 2025 | 4:03 pm GMT+7

Buyer secures Sunshine Group’s Hanoi shophouse at 15% lower than market price via livestream

Buyer secures Sunshine Group’s Hanoi shophouse at 15% lower than market price via livestream

A buyer successfully secured a shophouse at property major Sunshine Group’s Noble Palace Tay Thang Long project in Hanoi for VND11 billion ($421,295), VND2.5 billion or 15% below market value, during a bidding livestream on the NobleGo platform held last Friday evening.

Companies - Mon, July 14, 2025 | 1:37 pm GMT+7

Vietnam’s major rice exporter Vinafood 1 tasked with developing mega agri-logistics hub

Vietnam’s major rice exporter Vinafood 1 tasked with developing mega agri-logistics hub

Vinafood 1, Vietnam's top rice exporter, has been asked to develop an integrated hub for agricultural trade, logistics, warehousing, exports, customs, banking, irradiation, and research and development activities.

Industries - Mon, July 14, 2025 | 12:19 pm GMT+7

Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares

Vietnam conglomerate Masan to issue over 7.5 mln ESOP shares

Vietnam’s leading multi-sector conglomerate Masan Group will issue up to 7.5 million MSN shares under an employee stock ownership plan (ESOP) at a par value and issue price of VND10,000 ($0.38) apiece.

Companies - Mon, July 14, 2025 | 11:26 am GMT+7

Investment funds in Vietnam upbeat about new US tariff

Investment funds in Vietnam upbeat about new US tariff

With Vietnam soon reaching a trade agreement with the U.S., major uncertainties have significantly diminished, positively impacting investor sentiment in the stock market, according to investment funds.

Finance - Mon, July 14, 2025 | 9:04 am GMT+7

AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

AI, data platform investment unlocks huge opportunities to enhance customer experience: Masan CEO

Vietnam’s leading multi-sector conglomerate Masan Group has made strong investments in AI, big data, and integrated supply chains to improve its operational efficiency, optimize costs, and better serve Vietnam’s 100 million consumers, said CEO Danny Le.

Companies - Sun, July 13, 2025 | 6:51 pm GMT+7

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

HCMC poised to become Southeast Asia's innovation, financial hub following merger: experts

Ho Chi Minh City, Vietnam’s southern metropolis, is expected to establish itself as a hub for finance, manufacturing, trade, logistics, and innovation in Southeast Asia, after its merger with neighboring provinces.

Economy - Sun, July 13, 2025 | 1:56 pm GMT+7

PVI Insurance honored with prestigious international awards

PVI Insurance honored with prestigious international awards

2025 marks a proud milestone for PVI Insurance Corporation (PVI Insurance), as it has been consecutively recognized with prestigious accolades from top-tier institutions in the Asian insurance industry.

Companies - Sun, July 13, 2025 | 1:27 pm GMT+7