THE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said it is confident it will hit its 2018 growth target for electronics shipments.
“I believe we’ll hit our forecast,” SEIPI President Danilo C. Lachica said in a mobile message on Monday.
Latest data from the Philippines Statistics Authority (PSA) show that electronic exports in the 10 months to October period grew 5.20% year-on-year, which is below the 6% growth target.
The 2018 target was considered conservative after shipments grew 11% in 2017 to $32.7 billion.
SEIPI had expressed concern last year over the trade tensions then between the United States and China — two major destinations for the country’s electronics shipments.
To push exports, the group last year partnered with Angers French Tech, a community of French start-ups, to take advantage of opportunities in France, which is touted as a fast-growing export destination.
The partnership, sealed under a memorandum of understanding, will also result in the establishment of a French Pavilion in the Philippine Semiconductor and Electronics Convention and Exhibition this year.
The group also rolled out last year its Product and Technology Holistic Strategy (PATHS) and road map which identified the top products and technologies that the industry will focus on in the next five years to attain its goals.
PATHS’ implementation is expected to boost industry investment to $1.5 billion in 2020, $3 billion in 2025 and $5 billion in 2030, as well as increase export sales to $40 billion in 2025 and $50 billion in 2030.
Official PSA export statistics are due for release in February. — Janina C. Lim