Exports of electronics and semiconductors are expected to reach $50 billion in 2023, an industry group said Thursday.
Semiconductor and Electronics Industry of the Philippines Inc. president Dan Lachica said during the Indo-Pacific Business Forum livestreamed from Japan this year’s exports would rise from $45.92 billion in 2022.
“So that’s a testimony to the hard work of Filipino workers, and of course working with government in promoting the industry during the months of the COVID-19 pandemic,” he said.
Industry data showed the electronics exports went up by 12.9 percent in 2022 from $40.67 billion in 2020 on higher demand for electronics components, particularly for cellphones and other consumer electronics.
SEIPI participated in one of the panel discussions at the IPBF and shared the Philippines blueprint to promoting resilient supply chains for semiconductors and critical minerals in the Indo-Pacific.
Minerals like nickel, copper and cobalt are crucial in achieving technologies that would support the economy, said Lachica.
Trade Secretary Alfredo Pascual underscored the importance of the Indo-Pacific Economic Framework in the Manila leg of the IPBF held at the Peninsula Manila Hotel in Makati City.
The Indo-Pacific Business Forum is a premier public-private US government event to promote trade, investment and economic cooperation between the United States of America and its partners throughout the Indo-Pacific Region.