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Philippine August exports slowest in three months

[Manila] Total exports in the eight months to August was up 9.2 per cent from the same period last year to US$40.75 billion.

Electronics and semiconductors, which made up 41.6 per cent of total exports for the month, grew 10 per cent against a rise of 15.6 per cent in the same month last year.

Other top exports in August included machinery and transport equipment, other manufactures, mineral products, and woodcrafts and furniture.

The Philippines' largest electronics industry group, Semiconductor and Electronics Industries in the Philippines Inc., has revised its growth estimate to a range of 5-8 per cent from just 5 per cent growth for the sector's exports this year due to improving demand.

The Southeast Asian nation provides about 10 per cent of the world's semiconductor manufacturing services, including for mobile phone chips and micro processors.

The government has a GDP growth target of 6.5-7.5 per cent this year.