Electronics sector gets record investment of P102.5B in 2010

MANILA, Philippines – Investments in the country’s electronics industry reached a record level of $2.318 billion or P102.5 billion in 2010.

In a statement, SEIPI president Ernesto Santiago said the 2010 investment figure was the highest in the Philippine semiconductor and electronics industry’s history. For 2011 meanwhile, Santiago said that they are looking at a 10 percent growth.

According to Santiago, last year’s investment is 380 percent higher than the 2009 figure of $484 million, making 2010 the seventh time the industry has breached the $1 billion mark. The last time was in years 2007, 2000, 1997, 1996, 1995, 1994.

Investments in 2010 come from both the expansion as well as fresh capital from new entrants. SEIPI expects investments to generate 24,552 new direct jobs which include engineers, technicians and operators.

Santiago also reported that during the SEIPI meeting with President Aquino, the industry expressed its desire to double up exports in six years, from $22 billion in 2009 to $50 billion in 2016.

The electronics industry had a strong start and encouraging finish in 2010 and is expected to hit an export revenue of over $31 billion, $9 billion to $10 billion higher than the 2009 exports, Santiago said.

The industry is bullish for 2011 and reported that the electronics sector will continue to be the driver of growth of Philippine exports. Its present guidance is a 10 percent growth for 2011. –Ma. Elisa P. Osorio (The Philippine Star)