MANILA, Philippines - The Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) may increase its growth projection for electronic exports this year.
In a text message, SEIPI president Dan Lachica said that while the group kept its forecast of five percent growth for electronic exports this year, a review will be made
again later this year.
“It is still five percent for now but (the forecast) could go up in the third quarter,” he said.
The upward revision, he added, will depend on the electronic exports result in the second quarter.
The country’s outbound shipments of electronic products declined by 3.97 percent to $21.823 billion in 2013 from $22.725 billion in the previous year.
The five percent growth projection for electronics exports this year is based on expectations of a recovery in demand in the US and Europe.
The growth in electronics exports is expected to be supported by demand for automotive electronics and consumer electronics products like tablets and mobile phones.
Earlier, Lachica said the SEIPI is also upbeat new investments would be made in the electronics sector by both existing and new players.
He said that as SEIPI members are looking for suppliers from overseas, they are also encouraging foreign firms to invest in the Philippines.
Latest data from the Philippine Statistics Authority showed electronic exports were valued at $7.644 billion as of end-April, up 4.85 percent from the $7.290 billion in the same period last year.
Electronics account for the biggest share of the country’s merchandise exports.
The SEIPI groups Filipino and foreign electronics firms with operations in the country.