By Myla Hayo Torres

The peso depreciation proved to have one advantage to our failing economy--its hampering of the Filipinos' penchant for imported goods.

Data from the National Statistics Office show that the demand for Post Exchange or "PX" goods has considerably decreased by 1.68% last year. The import of consumer goods totaled to $2.485 billion compared with $2.528 billion in the previous year. Total imports lowered by 5.85% amounting to $29.550 billion from $31.385 billion recorded in 2000.

Statistics also show that consumers stayed off luxury items such as passenger cars and motorcycles resulting in lower payments for durable goods last year. Imports of consumer durables slipped 11.6% to $948.988 million against $1.073 billion a year earlier.

Consumers have similarly become stingy in purchasing foreign-made household appliances, as shown by the 27.07% drop in appliance imports to $116.252 million from $159.398 million.

Imports of consumer goods In thousand US dollars
Particulars	2001	2000	1999	%Change
				'01-'00 %	'00-'99 %
Consumer Goods	2,485,947	2,528,356	2,648,084	-1.68	-4.52
Durable	948,988	1,073,628	1,094,151	-11.61	-1.88
Passenger cars & motorized cycle	312,895	369,484	304,930	-15.32	21.17
Home appliances	116,252	159,398	137,770	-27.07	15.7
Misc. Manufactures	519,842	544,746	648,360	-4.57	-15.98
Non-Durable	1,536,959	1,454,728	1,553,933	5.65	-6.38
Food & live animals chiefly for food	1,350,168	1,322,173	1,431,956	2.12	-7.67
Dairy products	435,084	392,866	309,177	10.75	27.07
Fish & fish preparation	36,401	56,852	74,862	-35.97	-24.06
Rice	136,940	120,213	218,535	13.91	-44.99
Fruits & vegetables	120,818	124,173	140,519	-2.7	-11.63
Others	620,355	628,071	691,862	-1.23	-9.22
Beverages & tobacco mfture	131,976	78,384	70,133	68.37	11.76
Articles of apparel, access.	54,814	54,172	51,842	1.19	4.49
TOTAL	29,550,479	31,385,605	30,718,482	--	--
Source: National Statistics Office

Instead of buying durable items, Filipinos chose to spend more for food like rice, fish, live animals, dairy products, beverages and fruits and vegetables. Hence, imports of these non-durables last year went up by 5.65% to $1.536 billion, compared with $1.454 billion in 2000.

The bulk of these non-durable purchases were rice imports, which have become a common staple in every household. These are much cheaper than the locally produced rice because of problems in the agricultural sector.

The weakening buying power of the peso vis-à-vis the US dollar has been the main reason for this low import demand. The current exchange rate is PhP51 to $1.

In the Clark Economic Zone in Angeles City, duty free stores used to be swarmed with people shopping for imported tax-free items have been closing shop due to bankruptcy. These are Duty Free Philippines, JC Mall, PX Mall and Tiangge.

Today, there are only around six duty free shops operating inside the former US base. But unlike the past years, the stores have lost their usual vigor. Last Christmas season, some malls resorted to lowering their prices by 20-50% just to attract buyers. Locals admit that they have lost their appetite for imported goods because of the current exchange rate.