Exports were originally expected to grow by as much as 10 percent this year but NEDA Director General Romulo Neri told reporters that the actual number might be closer to five percent, the lower end of the five to 10 percent range pegged by government planners.
According to Neri, an inter-agency task force has been created to review the emerging export figures to validate the impact of the restatement of valuation by the industry which accounts for over 70 percent of the country’s exports.
Neri said that although electronics exports were expected to perform well this year, semiconductor exports were being reviewed, particularly the January numbers.
He said the task force would be composed of NEDA, Department of Trade and Industry, National Statistics and Coordination Board, the National Statistics Office (NSO) and the Bangko Sentral ng Pilipinas (BSP).
According to Neri, the restatement of export values would have an impact on overall exports but the task force would have to determine the extent and whole-year impact.
"We just want the task force to ensure the consistency of data declaration," Neri said. "This should all be over and completed with findings and recommendations by April."
According to the BSP, on the other hand, it was still way too early to determine how 2004 exports would perform although he said the task force would have to re-examine the January figures.
"We have to come up with January numbers that we would be comfortable with," said BSP Deputy Governor Amando Tetangco.
Despite the restatement, however, exporters said the 2004 growth rate would still be higher than 2003.
According to Sergio Ortiz-Luis, president of the Confederation of Philippine Exporters (Philexport), the electronics sector would more than make up for whatever slippage there would be in the semiconductor sector.
"Electronics companies are very bullish, they’re even looking at 10 to 30 percent," Ortiz-Luis said.