MANILA – The electronics industry has continued to support the country’s economy amid the health pandemic and plays a vital role in recovery and digital transformation.
At the Semiconductor and Electronics Industries in the Philippines Foundation, Incorporated (SEIPI) meeting on Friday, Department of Trade and Industry secretary Ramon Lopez said the electronics sector has continued being a key driver and “solid cornerstone” of the Philippine manufacturing despite the ongoing global health and economic crisis.
The sector grew by 8.9 percent in the first quarter of 2021 compared to last year, with export revenues amounting to $10.72 billion, according to SEIPI president Dan Lachica.
The industry also accounted for 61 percent of the country’s total exports in the said period.
Despite community quarantine measures, Lopez noted that electronics manufacturing continued to operate at 100 percent capacity even under enhanced community quarantine.
He added that this made the industry record a negative growth only during the second quarter of 2020, the height of community lockdowns.
The electronics sector likewise supported the overall export growth of the country in January to March 2021 period at 31.6 percent.
“It is evident that the quick bounce-back of the electronics sector cushioned the impact of the pandemic to our exports sector and is now driving its further growth,” the trade chief said.
Aside from helping in economic recovery, the electronics sector is also crucial in the digitalization of industries.
“As we adjust to the new normal, the exemplary performance of the electronics sector in the midst of a crisis is the ability, resilience, and agility that we need to cascade to other industries, especially as our country rides the wave of digital transformation. This digital transformation will fundamentally change the way we live, work, and do business,” said Lopez.(PNA/PN)
