- The generally optimistic outlook is based on local and global trends and conditions
- Growth hinges on a number of factors, one of which is the further reopening of the economy
- New innovations and emerging technologies in the industry are expected to generate opportunities for the Philippines
Semiconductor and electronics exports from the Philippines are forecast to grow by 10% this year on the back of continued strong demand worldwide.
Glenn Everett, chairman of the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI), made the prediction during the group’s general membership meeting on January 27, saying the generally optimistic outlook is based on local and global trends and conditions.
But Everett added that growth hinges on a number of factors, one of which is the further reopening of the economy.
“The board of trustees are generally optimistic about our growth in 2022 but they note it depends very much upon the improvements to inbound and outbound logistics flows, to the health of the supply chain, health of the population and to the continuing opening of the country,” he said.
New innovations and emerging technologies in the semiconductor and electronics industry, such as the Metaverse, automotive artificial intelligence, advanced driver assistance systems, and augmented reality are expected to generate more opportunities for the country, Everett said.
“If you look at our companies, most of our companies in SEIPI have been here for a while. There aren’t too many new investments, new companies investing, and I am hopeful that as these new technologies come up, there can be new opportunities for the Philippines to attract investment and bring these new technologies and invest into this already vibrant semicon and electronics space,” he said.
SEIPI puts the country’s electronics exports last year at an estimated US$45 billion.
Electronic products continued to be the country’s top export in December 2021 with total earnings of $3.67 billion, accounting for 58.5% of the total exports during the period, according to preliminary figures from the Philippine Statistics Authority.
Meanwhile, Philippine Economic Zone Authority (PEZA) director general Charito Plaza in her message during the SEIPI event said that from January to September 2021, investments in the electronics and semiconductor industry reached P18.161 billion, comprising 34.67% of the total investments in PEZA.
Exports generated by the semiconductor and electronics companies in PEZA ecozones have amounted to $21.377 billion as of September 2021, Plaza said.
Photo by Alexandre Debiève on Unsplash
