Local exporters see electronics industry growing by 10% in 2016

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By Edu Lopez

The Philippine electronics industry is projected to grow by 10 percent in revenue to about $27.5 billion in 2016 on sustained robust overseas demand and operations of new foreign companies in the country.

Credit: wikipedia.org
Credit: wikipedia.org

Francisco Ferrer, Philippine Exporters Confederation Inc. (PhilExport) trustee for the electronics sector, said next year’s expected growth rate is higher than the five percent expansion seen this year.

Ferrer said the demand for hard disk drives for computers remains strong due to the relocation of huge companies in the country and the growing demand for automotive electronic components.

With the rising demand for electronic goods, Ferrer said about 20 Japanese electronics companies in China are keen on relocating their operations in the Philippines next year amid higher wages in China and quality of Filipino talent pool.

To realize these potential investments, Ferrer underscored the need for the country to address infrastructure backlog and power issues which are important for investors. He also stressed the need to address skills mismatch in the labor market.

Electronic products, which account for 52 percent of the country’s total exports, increased 7.3 percent to $2.39 billion in October 2015 from $2.23 billion last year.

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