Electronics industry's revenue to grow by 8 pct in 2014

MANILA, Philippines (Xinhua) - The revenue of the electronics and semiconductors industry could grow by as much as 8 percent this year despite the congestion in major ports in the country's capital region of Metro Manila.

The Semiconductor and Electronics Industries of the Philippines, Inc. (SEIPI) said Monday that earnings of local electronics firms this year could reach $23.5 billion. This is nearly 8 percent higher than the $21.8 billion in revenues posted by local electronics firms last year.

SEIPI President Dan Lachica said local firms could earn more if not for the port congestion problem.

To boost earnings, Lachica said SEIPI members have decided to explore the possibility of manufacturing "alternative products" and veer away from the traditional testing and assembly operations.

He noted that while the sector was able to export more electronics products last year, the value was too low and translated to small margins for most companies.

Lachica said the sector is also being burdened by the high cost of power in the country and the recent truck ban imposed by the Manila city government.