Meanwhile, contracted foreign investment fell by one-third in the first seven months of the year. Overall, such numbers suggest the Philippines has been sitting out the recovery that has spread across Asia since the late 1990s economic currency crisis. Yet foreign carriers and logistics operators insist they have been impervious to these developments so far. Perhaps we've been with the right businesses that put plants there. Peter Yin, a regional vice president of FedEx, also reports continued strong traffic in both directions and points to the country's role in the global supply chains of key air freight shippers.
Imports still show double-digit growth.
You need to look at the whole supply chain. They need imports for their export business. However, there are signs that even that pace is slowing. Meanwhile, cargo capacity will decline when United Airlines scraps its freighter operation, which extended beyond Japan to Manila. The airline had already suspended its passenger flights to Manila during the Asian crisis.