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MANILA, Philippines - The Semiconductor and Electronics Industries of the Philippines Inc. (Seipi) said the 10 to 15 percent exports growth target this year is achievable.
"Within the next two to three months, the snap back will start to come in. So, the projection of 10 to 15 percent is believable,” Norberto Viera, Seipi chairman said in a statement. In the first two months of 2012, electronics exports grew 10 percent.
Trade Secretary Gregory Domingo said the projected double-digit growth in the electronics industry will boost the Philippine economy this year.
“The electronics industry impacts a lot on our GDP. It used to be 70 percent of our total exports. Currently, it is slightly above 50 percent. In 2011, the decline in electronic industry sales affected our GDP growth by 2.2 percent. The 2010 registered GDP growth of 7.6 percent went down to 3.7 percent in 2011,” Domingo said.
An indicator of economic performance, GDP or gross domestic product is the amount of final goods and services produced in the country.
Domingo said the electronics industry has been a tremendous benefit to the Philippines not only in terms of investments but also in employment generation, with more than half million engineers, technicians and operators employed. Last year, the industry registered $2.44 billion in investments.
Domingo is also hopeful that the economies of the US and Europe will continue to recover, and a deep dive will not occur. “Based on what is happening – election spending, economic recoveries, short-term issues resolution – we will have semi-stable business environment in the next 18 months.”
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