BMI View: The Philippines’ petrochemicals market continues to grow at a strong rate, assisted by economic growth and domestic consumption. However, this is likely to benefit imported petrochemicals which, in spite of planned expansion in the petrochemicals sector, will continue to grow as a proportion of total domestic sales over the long term. In 2012, the Philippines’ value of production index (VaPI) rose just 0.3%, while the value of plastics production surged 10.6%. However, the value of rubber production plunged 9.6%. In terms of production volume, chemicals output was up 2.0%, plastics was up 9.9% and rubber was up 1.2%. …
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