Growth returned to Philippine exports after 17 months of declines, with a 5% growth on a year earlier in September. This was much better than expected, and likely driven by growth in electronics. Exports to Japan increased 11%, while Panjiva data shows exports of semiconductors to China jumped 12%. Exports to the U.S. were a drag, with a 25% slump driven by lower electrical component, furnishing and apparel shipments though this appears to have turned around in October.