MANILA, Philippines – The electronics industry has slashed its export growth projection for this year, citing a weak global recovery which could affect demand for shipments.
Semiconductors and Electronics Industry of the Philippines, Inc. (SEIPI) president Ernesto Santiago said in a text message yesterday that it had cut its export growth projection to five to seven percent from a previous outlook of 10 to 15 percent.
He said the group decided to revise its projection as the world economy remains weak.
“The growth continued to be anemic affected by the overall world economy,” he said.
Latest data from the National Statistics Office showed that electronic products which accounted for 35.3 percent of total exports revenue in April, reached $1.635 billion.
Exports of electronic products in April was down 23.8 percent from the $2.146 billion in the same period last year.
Compared to the previous month’s $2.263 billion, exports of electronics products in April also declined 27.8 percent.
The country’s merchandise exports as of end-April reached $17.512 billion, up 5.5 percent from $16.592 billion last year.
Meanwhile, Philippine Exporters Confederation (PhilExport) president Sergio Ortiz-Luis Jr. said in a telephone interview yesterday that the group may have to review its exports’ growth projection this year given the strengthening of the peso.
“Target now is 10 percent growth, but if this strong peso would persist, we may have to reconsider that target,” he said.
He said many exporters which have to source some of the raw materials for their exports from overseas are already hurting from the peso’s gain.
The peso’s continued appreciation, he said, could lead to more losses to exporters.
The peso touched the P41.95 per dollar level on Monday, the highest level it has reached in eleven months.
The peso continued to assert its strength over the greenback yesterday as it traded at the P41.71 per dollar level.
The local currency closed at P41.72 per dollar yesterday. –Louella D. Desiderio (The Philippine Star)
September 18 –
International Equal Pay Day
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more than other cost items.
For widespread, practical equality!”
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October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
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