The Semiconductor and Electronics Industries in the Philippine Inc. (SEIPI), the largest organization of local and foreign electronics companies in the country, is optimistic it will hit the 5-percent to 8-percent growth target for the industry this year.
The SEIPI Board said it expects the industry to grow to $22 billion in 2014 from last year’s $21 billion despite the challenges facing industry players such as the congestion at the Manila port and the tight power situation.
SEIPI Chairman Arthur Tan explained at a press conference at the Toshiba Info
Equipment in Laguna on Monday that the industry’s growth could have been much higher if it was not hampered by the port and energy problems.
These are 100 percent dependent on shipping, Tan said.
The expected growth this year will come from regional and global demands, according to Tan, who estimated that the port congestion alone affected the industry’s total productivity by not less than 30 percent. SEIPI President Dan Lachica said that according to estimates by the Department of Trade and Industry, it would take three to four months to completely decongest the Manila port.
Lachica also told reporters about the need for more infrastructures like roads, ports and airports, which affect the mobility of raw materials and products ready for exports.
The top five Philippine exports from 2013 to July 2014 are electronics, which accounted for 38.3 percent of total exports; machinery and transport equipment, 11.6 percent; other manufactures, 6.7 percent; mineral products, 6.4 percent; and woodcrafts and furniture, 5.1 percent.
The top five Philippine imports from 2013 to July 2014, in percentages, are: 22.6 percent for mineral fuels, lubricants and related materials; 20.8 percent for electronics products; 10.7 percent for transport equipment; 5 percent for industrial machinery and equipment; and 3.1 percent for miscellaneous manufactured articles.