Investments and exports targets are on track as the business community has remained bullish on the local economy and exports are picking up again after the lull.

This was bared by Trade and Industry and Board of Investments (BoI) managing head Secretary Peter B. Favila at the Philippine Economic Briefing.

Favila said that both BoI and the Philippine Economic Zone Authority (PEZA), the government’s main investment generating agencies, have not revised their growth targets for the year.

He has also consulted the private sector, who also remained bullish on the local economy.

Favila, however, admitted that exports and investments were not insulated from the global economic downturn. “However, in the second quarter, merchandise sales grew by 17.4%, indicating that the drop in exports may have bottomed out as supported by the double digit growths in May and in June on a month-on-month basis,” he reported.

On exports, Favila pointed to the noticeable improvements on electronics exports, which account for over 60 percent of the country’s total exports.

Exports in June have improved to $3.41 billion from $3.09 in May this year while the electronics contributed $1.95 billion an improvement from the May exports of $1.81 billion.

Approved investments in the second quarter grew by 243%, the bulk of which went to the country’s strong sectors, particularly electricity, gas and water supply, IT services, and manufacturing.