PHL electronics exports to decline 10-12% this yr. – SEIPI

Philippine electronics exports will likely contract this year, contrary to what the sector previously thought, but will probably post modest growth in 2014, an electronics industry group said on Monday.

 

The Semiconductor and Electronics Industries in the Philippines (SEIPI) now forecasts that electronic exports will decline 10-12 percent this year, compared with its earlier forecast of 5-6 percent growth, Dan Lachica, president of SEIPI said.

 

While double digit growth is seen in the automotive and consumer electronics sectors, weakness in semiconductors, which comprise 76 percent of the industry's exports, drove the expected contraction, SEIPI said in a statement.

 

Next year will be better, supported by strength of automotive and consumer electronics markets, the group said. – Reuters