The Philippine Exporters Confederation Inc. (Philexport) expects a 20-percent growth in electronics and semiconductor exports in 2014 given the steady demand overseas and the start of operations of new foreign firms in the country.
In a statement, Francisco Ferrer, a Philexport trustee representing the electronics and semiconductor sector, said that the outlook was “much better” because there were many foreign companies that entered in 2013 and are expected to start their operations in 2014.
These include Japanese firms Canon Inc., Epson, and Brother Industries, which have started recruiting employees.
He also cited the “continued strong demand abroad for local electronics products.”
“Electronics companies are now in full capacity since October … Demand is still steady, I think the United States (is experiencing) a slight recovery,” he added.
The expected growth was more bullish compared to the modest 5 percent projection made by the the Semiconductor and Electronics Industries in the Philippines Inc. (Seipi).
Seipi president Dan Lachica said earlier this month that the expected recovery in 2014 could be brought about by the improving global economy, which will lead to a recovery in demand, particularly for automotive and consumer electronics.
For 2013, exports of electronics components are expected to hit $20 billion to $21 billion, down from $22.5 billion in 2012.