THE Philippines’ biggest dollar-earning industry has jacked up its growth projection for the year as the sector enjoys continuous investment inflows. Arthur Young, Semiconductor and Electronics Industry in the Philippines Inc. (SEIPI) chairman, said the group’s board on Friday raised its growth forecast for this year to between 25 percent and 30 percent.
SEIPI initially projected the industry this year to grow by a tenth, and later adjusted its forecast to 20 percent year-on-year.
Young said they underestimated the sector’s potential growth for this year.
“We now have a better visibility of how the market will look like in the coming months, and we’ve seen that the demand for electronics will remain strong,” he said, adding that the second half of a year historically brings in better sales than the first six months.
He had said that the strong global demand for consumer electronic goods would sustain the growth of Philippine semiconductors and electronics exports.
Young said an increase of between 28 percent and 30 percent in exports this year would match levels posted in 2008.
The industry’s shipments abroad last year declined by about a fifth because of the global recession.
Latest government data shows that shipments of electronics products in the first four months of this year reached $8.704 billion, up 45.08 percent year-on-year.
Electronics accounted for about 58 percent of the country’s merchandise trade receipts for the four-month period.
Young said this is a “good time” to invest in the Philippine semiconductor and electronics manufacturing industry.
Two recently announced commitments nearly equal the full-year investments infused into the industry last year.
Nidec Corp., a Japanese manufacturer of motors, electronic and optical components, and machinery, in March said that it will invest an additional P13 billion to almost double the output of its four existing facilities in the Philippines.
State-run Clark Development Corp. last week said that Korean-led Phoenix Semiconductor Philippines Corp. is investing $135 million, or about P6.2 billion, for the initial phase of a high value semiconductor manufacturing plant at Clark Freeport Zone.
Total investments in the sector last year amounted $484.16 million, or about P22.3 billion. –BEN ARNOLD O. DE VERA REPORTER, Manila Times
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
