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Lowered Forecasts For Electronics & Semiconductor Growth

  • Tuesday, 28 July 2015 02:27

The representative body for the Philippines electronics industry, the Semiconductor and Electronic Industries of the Philippines (SEIPI) has announced that it has lowered its forecast export revenues for the year from the original five to seven percent, to three to five percent. This was due to the dampening global demand.

Export data released Philippine Statistics Authority showed that Electronics remained the country’s top export in May, contributing to 48.1 percent of total exports revenue. This however represented a 7.5 percent decline from the previous year.

Semiconductors exports, holding the largest share of 38.1 percent among electronic products, also similarly declined from the previous year by 6.9 percent.

The lower global demand is attributed to lower forecast events in Japan, China and the European Union (EU), of which the latter two have faced dynamic market volatility in recent months. SEIPI looks forward to a better year for investments.

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