MANILA, Philippines (Xinhua) - The Philippines' electronics and semiconductors industry expects to recover next year and post a 5 percent increase in output on expectations that demand for consumer electronics and mobile phones in developed countries will improve.
"We expect to see recovery in 2014. We're aiming for a modest, single-digit growth over this year's full-year output," said Semiconductor and Electronics Industries of the Philippines (SEIPI) President Dan Lachica in an interview today.
SEIPI said the "phenomenal" demand for smart phones in the next few years will help lift the local electronics and semiconductor industry.
Earlier, the group reported that shipments of electronics declined by 13 percent on year to $13.66 billion in January to August due to weak demand from traditional export markets.
Lachica said the local electronics and semiconductor industry is pinning its hopes on the recovery of the United States and Japan to prop up exports.
Electronics products is considered the top export commodity of the Philippines. In October, shipments of electronics products reached $2.15 billion, accounting for 42.9 percent of export receipts during the period.