Electronics industry sees 20% growth this year

MANILA, Philippines - The electronics and semiconductor sector expects a 20-percent growth this year on the back of operations of new foreign companies in the country and steady overseas demand.

“(Outlook is) much better because there are many (foreign) companies that entered this year which will operate in 2014... Once they (run) full blast, these are huge,” said Francisco Ferrer, Philexport trustee representing the sector.

Ferrer cited Japanese firms Canon Inc., Epson and Brother Industries which have started recruiting employees.

He did not give estimate of potential contribution of these huge companies to the country’s total exports earnings this year.

Ferrer said a continued strong demand abroad for local electronics products will also continue to drive growth of the sector.

“Electronics companies are now in full capacity since October... Demand is still steady, I think the United States seems (is experiencing) a slight recovery,” he noted.

But Ferrer stressed that the industry is just “catching-up” with the demand.

Philippine electronics exports went up 11.2 percent only in July, its first positive growth for 2013, due to increased demand from major trading partners.

Sales abroad again declined slightly by 0.4 percent in August from a year ago, but it resumed recovery in September which rose 12.8 percent and in October by 13.4 percent.