The semiconductor and electronics industry is keeping its medium-term export targets despite the health crisis.
The Semiconductor and Electronics Industry of the Philippines Inc. said in an update during the second-quarter general membership meeting that the industry was still on track to meeting the export targets.
The industry seeks to hit $37 billion to $52 billion in exports in the medium term or until 2022, based on recent projections.
“So that means, you have to hit this target in 2018 when exports totaled almost $38 billion, and we are sustaining this growth as 2019 exports totaled $43 billion,” said Trade Undersecretary and IPOPHL director-general Rowel Barba.
Electronics exports reached $43.32 billion in 2019 accounting for 61.6 percent of the total commodity exports, or a 4.06-percent growth based on the adjusted number for 2018.
The group sees exports improving in the second half of 2020 as the government lifts the quarantine measures to allow more export companies with stalled operations to reopen.