The country’s electronics industry aims to return to the $30-billion revenue this year, Semiconductors and Electronics Industries in the Philippines, Inc. president, Dan Lachica, has said.
Lachica told the Philippine News Agency that if the industry can maintain a growth of at least 5.0 percent throughout the year, the sector’s exports can again hit the $30-billion mark.
“It was in 2010 when we last hit $31 billion,” he said.
Data from the Philippine Statistics Authority showed that the industry's total exports receipt in 2016 amounted to $28.44 billion, a slight slip of 0.1 percent from 2015’s figure of $28.90 billion.
For the first four months of the year, electronic goods’ revenues rose 11.6 percent to $10.1 billion from $9.0 billion in the same period last year.
Average growth of the sector is at 13 percent during the first four months of 2017.
“We’re hoping to go back to that ($30 billion) level,” the SEIPI president said.
Revenue growth in April however slowed down to 6.8 percent after three consecutive months of double-digit expansion.
Revenues in January was at 10.4 percent, followed by a 15.9-percent increment in February, and hitting its highest growth of 19 percent in March.
Meanwhile, Lachica said SEIPI has yet to adjust its target growth for this year, despite the better performance of the industry in the first few months of 2017.
SEIPI is eyeing a 5.0 percent to 7.0 percent increase in revenues at the end of the year. The industry may finish 2017 with exports amounting to $30.31 billion to $30.89 billion.
The electronics industry accounts for about half of the country’s export revenues.
Data from the industry showed that the top export destinations for Philippine-made electronic goods in March were Hong Kong, China, United States, Singapore, Japan, Germany, Taiwan, the Netherlands, South Korea, and Thailand.