The Manila Times (April 11, 2018)
Electronics exports rose by 10.8 percent to $2.62 billion in January, an industry group said, accounting for half of the country’s total outbound merchandise shipments.
The result — an improvement from $2.36 billion a year earlier — comprised 50.2 percent of the $5.22 billion in total exports for 2017, the Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) said.
Automotive electronics exports rose by 68 percent to $14.27 million in January, SEOPI noted, with gains also recorded for telecommunication, components/devices or semiconductors, consumer electronics, and control and instrumentation.
Declines were recorded for office equipment, medical/industrial instrumentation, electronic data processing and communication/radar equipment.
The top five destination countries were Hong Kong, China, the United States, Singapore and Japan, followed by Germany, Taiwan, Netherlands, Thailand, and South Korea.
The Trade department has said that electronics exports would remain a major driver of outbound shipments, with 6 percent growth forecast for this year.
The estimate, however, represents a slowdown from 2017’s 11 percent.
To boost growth, SEIPI President Dan Lachica said the industry group would be launching the Product and Technology Holistic Strategy (PATHS) roadmap, which will identify the top products and technologies the industry should focus on over the next five years.
Projected investments as a result of PATHS implementation is expected to hit $1.5 billion in 2020, $3 billion in 2025, and $5 billion in 2030.
“Export values are expected to reach $40 billion in 2025 and $50 billion in 2030,” Lachica said.
Source: The Manila Times