Electronics, semiconductor industry reports double digit decline

MANILA, Philippines (Xinhua) - The electronics and semiconductors industry recorded a decline of 10 percent to 12 percent in the first three quarters, due to lackluster performance.

Export of electronics in the first eight months sustained 13 percent decline to $13.66 billion from $15.7 billion in 2012, Semiconductor and Electronics Industries of the Philippines (Seipi) Executive Director Dan Lachica said in a briefing during the 12th CEO's Forum and 114th General Membership Meeting at Solaire Entertainment City in Paranaque City today.

The semiconductor subsector, which comprise 76 percent of industry export, posted a decline of 11.62 percent to $10.44 billion from $11.84 billion in the same period in 2012, he said.

Despite the contraction in electronics and semiconductor output, automotive and consumer electronics posted growth of 324 percent and 19.66 percent, respectively.

Automotive electronics exports went up to $362.75 million from $85.45 million in 2012, while consumer electronics generated $198.42 million from $165.82 million in 2012.

Forecast for semiconductor will remain bleak in 2014 due to foreseen continuation of price cuts, but industry is expecting to rebound targeting for a modest 5 percent growth on the continuing strength in the automotive and consumer electronics subsectors and incremental output for new investments.