MANILA, Philippines - The Philippines is unlikely to hit its export growth target of 10 percent this year, with growth seen only reaching up to 7 percent due to slowing demand from its traditional markets, Trade Secretary Gregorio Domingo said on Wednesday.
Weak orders for its top electronics and semiconductor shipments from big markets United States and China have kept overall Philippine exports growing at modest levels. Exports were up 5.4 percent from a year ago in the first eight months of the year.
"The realistic growth for this year is between 5 and 7 percent," Trade Secretary Gregory Domingo told reporters. "I don't think we can still reach 10 percent."
Data earlier on Wednesday showed August exports fell 9.0 percent from a year earlier.