Philippine international trade activity climbed for the 21st month out of the past 22 with a 5% rise on a year earlier in May. Yet that was solely due to an 11% rise in imports, with exports falling for a fourth straight month by 4% (vs. 3% expected by economists). The major challenge for the export economy could be the widening tariff battle between the U.S. and China. Exports to China accounted for 27% of Philippine shipments year-to-date and are led by electronics components with eight of the top 10 export lines in the past 12 months or 52.1% of the total. U.S.-bound exports meanwhile...