Electronic exports growth expected amid slowdown

CEBU, Philippines - Despite the current export slowdown, electronic exports are still seen to grow this year.

Agnes Perpetua Legaspi, assistant director of the Department of Trade and Industry-Export Marketing Bureau, said the electronics sector remains positive this year.

"Definitely we're still seeing good prospects for electronics. It actually remains positive in terms of growth rate," Legaspi recently said in an interview.

Electronic products remain as the country's top exports, accounting for more than half of total exports.

In January this year, electronic exports grew 5 percent to $2.14 billion, accounting for 51.1 percent of total exports during the month.

But during that month, total merchandise exports declined 3.9 percent to $4.2 billion.

The Semiconductor and Electronics Industries of the Philippines has an electronics export target of 4-5 percent this year.

Legaspi said the sluggish global demand will continue to affect Philippine exports this year.

In 2015, exports fell 5.6 percent to $58.65 billion due to slowdown in the country's trading partners led by China.

The National Economic and Development Authority sees 2016 to be a challenging year for the export sector as the global economy faces sluggish economic recovery and uneven growth.

''We see global trade growth remaining at a low level as the world copes with soft demand and lower commodity prices," Economic Planning Chief Emmanuel Esguerra earlier said in a statement.

Last February, President Aquino approved the Philippine Export Development Plan for 2015-2017, a roadmap that sets the targets and strategies for the export industry.

Amid the continued slumped global demand, the country's economic managers officially slashed export growth target for 2016 to 5 percent from the original 6 percent. (FREEMAN)