The electronics industry expects a 0 to 3 percent increase in exports in 2019 because of lackluster demand.
Semiconductor and Electronics Industries in the Philippines Inc. president Dan Lachica said exports would likely register a flat growth with the decline in world demand for semiconductors and electronics parts.
“In our first quarter meeting, the SEIPI board agreed to a 0 to 3 percent range for 2019. Maybe closer to flat growth,” said Lachica.
The group noted that demand in the global semiconductor market had been flat to negative recently.
It attributed the sluggish performance to the declining demand for some smartphone parts.
Lachica said it was the first time that the industry would be seeing flat growth “but we’ve had negative years before, in 2008 and 2011.”
Philippine exports in the first quarter of 2019 declined 3.1 percent, according to the Philippine Statistics Authority.
Electronics exports, which comprise more than half of the merchandise shipments, dipped 1.7 percent to $8.8 billion.