Electronics exports unlikely to hit 5% growth target
MANILA, Philippines — Electronics exports are not likely to hit the projected five percent growth for 2020 amid the coronavirus crisis, the Semiconductors and Electronics Industries in the Philippines Foundation Inc. (SEIPI) said.
This despite posting nearly 10 percent growth in the first two months of the year to $6.16 billion. For February alone, electronic exports grew 3.4 percent to $2.93 billion.
In a text message, SEIPI president Dan Lachica said it would be difficult to say by how much electronics exports could grow this year with the pandemic affecting operations.
“It just depends on when normal manufacturing will resume,” he said.
The government put Luzon under enhanced community quarantine to reduce the spread the coronavirus disease 2019 or COVID-19 and restrict movement of people.
While the quarantine period was initially only until April 12, the government decided to extend it until the end of the month.
Exporters may continue operations during the lockdown.
Lachica said 70 to 80 percent of SEIPI members are now operating on skeleton workforce.
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