Philippine exports increased 5% in December after shrinking in November. That was largely the result of a 23% jump in shipments to China. That was the fastest rate since August 2014, and may have reflected Chinese manufacturers stockpiling ahead of their 8% export growth in January. China’s manufacturers remain upbeat on imports, and President Duterte’s visit to China in May could bring further initiatives. Shipments to the U.S. lagged, however, with a 2% drop. That may continue in January, with Panjiva data showing U.S.-bound exports fell 6%, including a 26% drop in furniture and a 68% ...