Electronics exports post record high
MANILA – The Semiconductor and Electronics Industries in the Philippines Inc. or SEIPI reported that electronics exports in June recorded the highest growth rate in the history of the industry.
“This was the best month for everybody, whether big or small companies”, SEIPI President Ernie Santiago said.
Santiago cited the data from the National Statistics Office that showed June electronics exports recorded a revenue of US$ 2.904 billion from $1.947 billion, which is 49.12 percent higher than the same period of last year.
Month on month, or June against May 2010, exports grew by 13.70 percent from $ 2.554 billion to $ 2.904 billion.
“For the first six months of the year, Philippine electronics exports has been growing by 45.23 percent versus the same period last year –another record high. The surge of exports in June can be attributed to customers of Philippine-based companies who are building their inventory as global economy has recovered to pre-crisis level,” he said.
SEIPI projected that exports will be sustained until the end of the year as SEIPI is projecting a 25 percent to 30 percent annual growth -achieving the exports registered in year 2008 when it recorded an export of $ 28 billion.
This is after consideration of the series of factors like the European sovereign debt issues; US gulf coast oil spill; Iceland volcano eruption; unstable housing market; China labor unrest and wage increases; weaker Euro; and other factors including the possible softening of market by the end of the third quarter to the fourth quarter.
Santiago reported that “the industry is bullish about the growth of the industry for 2010 and has this growing optimism driven by the general industry feeling that the new government of President Aquino is morally upright and is full of promise.” PNA
