The semiconductor and electronics industry is getting more optimistic of their growth this year with some players batting for a double-digit growth as against the overall industry projection of only 7 percent exports growth this year.
The optimism was conveyed at the first quarter General Membership Meeting of the Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) is largely due to stronger demand this to make up for last year’s delays in supply, emerging technologies in various industries, and accelerated digitalization.
“For 2021, we forecast growth of 7 percent although some companies said they might exceed that to double digit growth and so were looking forward to that,” SEIPI President Danilo Lachica.
Lachica reported that in December 2020, exports in the electronics industry reached US$3.9 billion, an increase of 2.4 percent from November. In year 2020, total exports amounted to US$39.67 billion or 62.3 percent of total Philippine exports.
For total imports in December 2020, the industry reached $2.3 billion, a decrease of9.1 percent from the previous month. This resulted in total imports for 2020 amounting to $25.95 billion, or 30.3% of total Philippine imports.
“The increase in exports is caused by the slow but steady economic recovery from the initial impact of the pandemic, which bodes well for the Semiconductor and Electronics Industry that has a projected growth of 7 percent for 2021,” Lachica said.
Glenn Everett, SEIPI chairman and vice-president and general manager of Continental Temic Temic Electronics said there is a cause for optimism as he cited increased demand as production and manufacturing in the country and globally have started to recover in December.
Sales have increased in America, China and Asia Pacific and slightly in the EU.
Despite pandemic, Everett cited emerging technologies such as digital monitors, digital health smart monitors, hygienic touchless user interface, virtual reality and robot innovations are massive and driving innovations.
The 5G infrastructure alone is expected to create 23 million jobs by 2025 while truck electrification and smart cities are expected to drive the next wave of growth.
“This is an exciting time for our industry,” said Everett.
Emerging technologies include touchless user interface, AI with AR/VR (augmented reality, virtual reality) for health sector, and AI microscope, among others.