MANILA-- The country's electronics sector targets to hit a 5.0 percent to 6.0 percent growth in export revenues at end-2017, an industry official told the Philippine News Agency Thursday.
Semiconductor and Electronics Industry of the Philippines, Inc. (SEIPI) President Dan Lachica said electronics export is seen to recover this year, driven by demands in the digital economy.
"We project 5 to 6 percent growth in 2017 driven by the requirements of the digital economy in areas including IoT (Internet of Things), big data analytics, and communication automation," he said.
The optimistic outlook for this year's electronics exports is a rebound from a slight decrement of 0.1 percent in revenues in 2016.
Exports of Philippine electronic goods last year amounted to USD28.87 billion, lower by USD30 million from export receipts in its previous year.
At the start of the year, the sector recorded a turnaround in its exports revenue, which rose 10 percent year on year to USD2.64 billion from USD2.14 billion.
Double-digit growth was registered in sub-sectors, such as office equipment, which went up by 85 percent; communication and radar, up by 84 percent; and control and instrumentation, up by 33 percent.
Electronic goods such as automotive electronics, electronics data processing, and semiconductors have registered increments of 11 percent.
Moreover, Lachica said the industry does not consider the inward-looking policy of United States President Donald Trump a threat to the growth of the sector. The US, he said, was the country's second largest destination of electronic products last January.
In January, the country shipped 16.5 percent of its total electronics exports to the US market, amounting to about USD440 million.
"I don't see President Trump as a threat to our industry. Electronics manufacturers will consider lower costs of operation and proximity to customers," the SEIPI president said.
Source: Philippines News Agency