On the positive side, the policy normalization of advanced economy central banks may provide opportunities for economies like the Philippines in terms of increased trade activities. We expect the Philippine economy’s growth trajectory to improve further owing to the projected expansion of exports in 2022.
From Q1-Q3 2021, goods exports grew by 16.0 percent owing to the recovery in demand from our major trading partners. Electronic products account for more than half of the country’s total exports. And we expect exports of electronic products to increase as demand for semiconductors and other electronic components rises owning to more extensive global digitalization efforts across multiple sectors.