Philippine electronics exports up 6.8% in 2022

Philippine electronics exports last year reached $49.09 billion, beating the previous year’s  high which came after a $4-billion decline in 2020.

The Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) on Wednesday said electronics exports in 2022 were 6.88 percent higher than the $45.92 billion posted in 2021.

“Our industry, together with its three million direct and indirect workers and opportunities brought by the developments in the global industry, remains as a significant driver of economic growth that can support our country in sustaining its growth momentum,” Seipi said in a statement.

In 2019, prior to the outbreak of the COVID-19 pandemic, electronics exports amounted to $43.32 billion , up from  $37.57 billion in 2018 and $36.5 billion in 2017. In 2020, the first year of the pandemic, the amount went down to $39.67 billion.

Earlier in January, Seipi president Danilo Lachica said they were looking to grow their exports this year by about 9 percent amid the strong demand in the global market.

In the meantime, Lachica told the Inquirer that it might be too early for the local industry to feel the effects of the country’s participation in the Regional Comprehensive Economic Partnership this year. INQ