According to the master development plan, the Philippines can become a regional center of excellence in selected electronics industry products and processes.
But the SEIPI said the industry is still threatened by many factors, including China which offers cheap labor, lower power cost and a massive domestic demand.
Texas Instrument managing director and current president of SEIPI Norberto Viera said yesterday that the Philippines can still easily get a slice of the $1.3-trillion global electronics business.
"But in the process, the Philippines has to expand its portfolio of products," he said.
For instance, SEIPI members agree on the need for the Philippine electronics sector to start familiarizing itself with wafer technology and production which is the backbone of the electronics industry.
SEIPI members said that the Philippines is "nowhere ready" for wafer production.
However, the Philippines they said, could accommodate a research and development plan that would familiarize the sector to such a technology.
"Hand in hand with the master development plan, the government must also work with the sector by continuing to provide it with incentives and infrastructure," Viera said.
The electronics industry accounted for 70 percent or $22 billion of the country’s total export earnings.