Philippine Flash Indicators Show Signs of Recovery

The impact of the global financial crisis was felt in the Philippines starting October 2008 as exports decreased, manufacturing dropped, stock index declined and car sales weakened. However, statistics point to modest signs of recovery by the end of the 1st quarter of 2009.

Multiple indicators dropped beginning October 2008:

• Manufacturing: the value and volume of production index and capacity utilization rate
• Exports: electronic products and agricultural products
• Imports: raw materials and capital goods.
  
• Others: composite stock index, stock market capitalization, and volume of cars sold.

All these indicators showed signs of recovery towards the end of February 2009.

These indicators are among the 81 flash indicators identified by the NSCB Task Force on Flash Indicators to Measure the Impact of Global Crisis in the Philippines (TFFI) chaired by Mr. Dennis P. Arroyo, Director of the National Planning and Policy Staff of the National Economic and Development Authority. The levels and movements of these indicators can serve as early warning signals of economic crisis or recovery when the indicators start to shift significantly from their “normal” levels.

See full story from the Philippine National Statistical Coordination Board

August 19, 2009