Slowing growth in China and continuing tepid growth in Japan will continue to provide headwinds against the Philippines’ trade position, but the impact on the overall current account will be limited, Fitch-owned BMI Research said.

“The Philippines’ trade position has taken a blow from the slowdown in regional trade over recent months, with total merchandise exports falling by 7.3 percent year-on-year over the course of January to April versus the same period in 2015,” it said in a new report.