MANILA, Philippines—The Philippine electronics sector will push for more value-added activities, develop new growth areas and further enhance the industry’s competitiveness, as it targets to hit $37 billion in export revenues by 2016.
Export revenues are expected to further increase to $52 billion by 2022 and to $112 billion by 2013, according to the proposed Product and Technology Roadmap of the Semiconductor and Electronics Industries in the Philippines Inc. (Seipi).
“The electronics sector, a growth pillar of the manufacturing industry and also one of the biggest job generators, has, through the years, contributed significantly to the country’s aggregate exports, often dominating the majority share of export products,” Trade Undersecretary Adrian S. Cristobal Jr. said in a statement.
“Seipi is assured of our continued support and its plan for a supplemental road map will be facilitated through the mobilization of resources in collaboration with relevant government agencies,” Cristobal added.
The proposed supplemental road map will guide the electronics industry as it moves up the value chain, develop new growth areas within the existing sector to help it seize the opportunities to be presented by the economic integration of the 10 member states of the Asean.
According to the DTI, the industry remains a substantial contributor to the economy, accounting for about 43.3 percent of the total Philippine exports or $22.56 billion in export sales in 2012.
Last year, revenues from the exportation of locally manufactured electronics components were estimated to have reached between $20 billion and $21 billion. This was, however, lower than the previous year’s sales due to the weakness in global demand, specifically for semiconductors.
For 2014, Seipi maintained its modest 5-percent growth projection for electronics exports. The expected recovery in the industry’s export revenues will be fueled by the growth in world market demand, particularly for automotive and consumer electronics, as the global economy improves. –Amy R. Remo, Philippine Daily Inquirer
Read more: http://business.inquirer.net/164439/electronics-sector-plan-sees-exports-hitting-37b-in-2016#ixzz2tpWPOoMg
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