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Merchandise exports may grow by less than 1 percent in 2016 after contracting for 16 consecutive months.
“The devaluation of our peso will help subdue the losses. However, other economies in the region are also experiencing the same problem,” Philippine Export Confederation president Sergio Ortiz-Luis said Friday at the sidelines of the 2nd Philippine Homestyle Congress in Pasay City.
He said the double-digit growth of the services sector would help the industry post positive exports growth in 2016.
The Philippine Export Development Council in July reduced export growth forecast to 3 percent from 6 percent earlier in 2016.
The weak European, American and Chinese markets have slowed down demand for goods from the Philippines.
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