Despite the expected impact of the Japan crisis on the country’s exports, the Semiconductor and Electronics Industries of the Philippines Inc. (Seipi) and the Export Development Council (EDC) are maintaining their export growth targets for the year.
Seipi president Ernesto Santiago said the industry was seen growing by 8-12 percent this year, despite the expected flat growth for the second quarter.
“Growth should be on the lower part of the range, but it will still be within target. The second quarter is seasonally slow so we weren’t really affected too much by the Japan crisis. By the third and fourth quarters, Japan restoration should be complete and consumer spending should go up,” he said in an interview at the Philippine Semiconductor and Electronics Convention and Exhibition on Wednesday.
At the end of the first quarter, electronics exports reached more than $6.3 billion, slightly lower than the more than $6.4 billion registered in the same period last year.
Last year’s total export receipts were the highest on record at $31.1 billion.
Over the next years until 2016, Santiago said the sector expected to grow exports by at least 10 percent a year to reach $50 billion by end of President Aquino’s term.
Meanwhile, EDC executive director Senen Perlada said this year’s exports should still grow by 10 percent, as originally projected, despite the Japan crisis.
A dip in exports would surely be seen in the second quarter, he said, but a rebound should be felt within the second semester.
“Auto companies are already resuming normal operations. We’ve been getting more orders for okra and banana, which declined when the crisis hit, so that’s a good sign. Construction materials are also going up,” he said.
“Our 10-percent target is still intact despite the expected decline in the second quarter because we believe that the increase in the second half will more than offset that decline,” he added.—Abigail L. Ho