EMERGING MARKETS TO BENEFIT FROM GOODS TRADE’

By Andrea E. San Juan

UNITED Kingdom-based think tank Oxford Eco - nomics said that while global trade has surpassed the prepandemic expectations, emerging markets in Asia might be among those that will stand to benefit from goods trade as these markets have maintained their new exporting records.

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Global supply-chain pressures are now lower than precrisis and global trade volumes remain well above precrisis levels. Goods trade benefited emerging markets [EM] in the last year or two, with terms of trade rewarding commodity traders and major manufacturing hubs, especially in EM Asia, maintaining their new exporting records,” Oxford Economics said in its Research Briefing on Monday.

T he think tank showed that

EMs benefited the most from the increased global goods trade of the post-pandemic era. Meanwhile, advanced economies’ (AEs) spending spree during the initial phase of the pandemic recovery certainly played the biggest role.

It noted that increased merchandise exports persisted for the EMs even now that most of the “consumer bonanza” is over.

Meanwhile, the think tank said while emerging markets business sentiment “rebounded” strongly in 2023, it’s largely thanks to China’s reopening.

H owever, while short-term leading indicators suggest this is “likely to persist” a while longer and it might be EMs that currently stand to benefit relatively from goods trade, it’s only the advanced economies’ healthy demand that makes it possible.

A ccording to the Philippine Statistics Authority (PSA), the country’s export earnings posted a positive growth for the first time in six months in May 2023, with electronic products accounting for 57.5 percent or the largest share in the country’s exports pie.

T he People’s Republic of China was the country’s top export and import destination.

See “Asian,” A2

Arta

THE Anti-Red Tape Authority

(ARTA) said it is “all geared up” for the full implementation of Executive Order (EO) No. 18, a measure meant to fast-track and streamline processes for strategic investments.

ARTA is all geared up for the full implementation of EO No. 18 to improve ease of doing business in the country and to promote economic development,” ARTA Secretary Ernesto V. Perez said in a statement on Monday.

T he EO, signed by President Ferdinand R. Marcos Jr. on February 23, 2023, was launched last July 13 in Pasay City.

T he country’s anti-red tape watchdog said it is “confident” that the measure will help the Philippines achieve its goal of becoming a “top investment destination in the region.”

Perez stressed, “We are ready to take on the job of promoting foreign direct investments and streamlining the government approval and registration processes for strategic investments.”

A RTA bared its mission under EO No. 18. To ensure that government processes are efficient, effective, and accessible to all, it noted, “a timeline of 3-7-20 is imposed to the implementation of EO No. 18 to secure that all simple transactions are responded in three working days, while complex transactions are responded within seven working days, and highly technical transactions are responded by 20 working days.”