The electronics industry continues to support the Philippines’ economy amid the COVID-19 crisis as it is seen to become a vital player in the global internet of things (IoT) space that is estimated to grow to about 25.4 billion active devices by 2030, Trade Secretary Ramon Lopez said.
At the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) president Dan Lachica reported at the general membership meeting, that the sector grew by 8.9 percent in the first quarter of the year compared to last year, with export revenues amounting to USD10.72 billion.
This is an opportunity that the country should not pass up, said Lopez.
By advancing to the IoT technology, local industries would be able to address the growing demand for smart medical devices, consumer electronics, and electronic data processing equipment which saw a huge spike in sales last year, he added.
Lopez said electronics accounted for 61 percent of the Philippine commodity exports of $17.56 billion in the first quarter of 2021. As of March 2021, cumulative exports in the Philippine electronics industry reached $10.72 billion, up by 8.9 from $9.84 billion in the same period in 2020.
The Trade official also noted that the Philippines offers a strong value proposition to attract investments in electronics—be it in manufacturing, product design, and research and development.
“This is thanks to our country’s high caliber human capital, unrivaled market access to key markets, government support facilities, and the presence of global brands profitably operating in the country,” he said.