THE Philippine semiconductor and electronics industry on Wednesday cut its exports outlook following the disasters in Japan and the political tension in Middle East and Northern Africa (MENA).
During the Philippine Semiconductor and Electronics Convention and Exhibition, Ernie Santiago, president of the Semiconductors and Electronics Industries in the Philippines (Seipi), said the 8 to 12 percent exports target this year is “very difficult” to achieve.
“But that is the target we are aiming,” he said, adding that the industry will meet the low-end of the target range.
Electronics account for about 60 percent of Philippine merchandise exports.
In March, electronic exports fell by 7.4 percent to $2.238 billion from the year before’s $2.416 billion.
This led electronic exports to contract by 1.93 percent to $6.39 billion in the first quarter of this year from $6.52 billion in the same period last year.
Santiago said exports for the second quarter will be flat, but the industry expects strong third and fourth quarters.
He said Japan will fully recover from its crisis by the third quarter.
Besides Japan’s recovery, Santiago expects the crisis in MENA to end and consumer spending to pick up in time for the Christmas season.
He said that electronic exports should grow 10 percent through 2016 to meet the $50 billion target under the Medium Term Philippine Development Plan (MTPDP) for 2011 to 2016.
Under the MTPDP, the Aquino administration wants the Philippines to become Asia’s exports trendsetter by 2016.
To attain this, the government will initiate a national branding and marketing campaign to promote the country not only as an investment site and tourist destination but as producer and supplier of quality world-class products and services. –Darwin G. Amojelar, Senior Reporter, Manila Times
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