Electronics exporters hike growth forecast

MANILA, Philippines — The Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) has hiked its growth forecast for the country’s electronics exports this year to 10 percent amid strong demand.

SEIPI president Dan Lachica said in a Viber message, the group raised its growth projection for the country’s electronics exports from seven percent this year during its board meeting last week.

“Industrial, medical, automotive, and telecom electronics products are growth drivers,” he said.

Last year, the country’s total electronics exports reached $39.67 billion.

Data from SEIPI showed the country’s electronics exports rose 17.3 percent to $34.12 billion in the January to September period this year from $29.09 billion in the same period last year.

Exports from seven electronics sectors increased year-on-year as of end-September, led by telecommunications which surged 83.92 percent.

Other electronics sectors that posted year-on-year growth in the nine-month period are: medical or industrial instrumentation (72.62 percent), consumer electronics (53.15 percent), electronic data processing (41.16 percent), control and instrumentation (22.76 percent), office equipment (11.07 percent), and components or devices (semiconductors) (9.71 percent).

For the month of September alone, Philippine electronics exports went up 5.4 percent to $4.10 billion from the previous year’s $3.89 billion.

Compared to the $4.03 billion in August, electronics exports in September posted a 1.7 percent uptick.

The electronics sector accounts for bulk or around 60 percent of the country’s total exports.

As of end-September, total Philippine exports grew 18 percent to $55.68 billion from $47.19 billion in the same period last year.