Albay 2nd district Rep. Joey Salceda knows a good opportunity when he sees one.

According to the House Committee on Ways and Means chairman, the Philippines' semiconductor and electronics industry should find “ways to capitalize on supply disruptions elsewhere” even as leading electronics manufacturers in China face shutdowns due to the new surge in Covid-19 cases there.

“For the past several months, places like China and Vietnam, which suffered far fewer Covid-19 cases during the time, were earning dollars instead of our companies because our own manufacturers faced shutdowns. Now that the situation is reversed, it is time for us to earn our own dollars from increased demand and constrained supply,” Salceda said.

“It’s a way to narrow our trade deficit also, which skyrocketed due to spiking demand from economic recovery,” added the economist-solon.

The electronics and semiconductor industry is the largest export industry of the Philippines, accounting for some $2.8 billion dollars in export value.

Salceda made the suggestion in response to the halted operations of Apple Inc’s prime supplier Foxconn Technology Group in two of its factories in eastern China’s Kunshan after new Covid-19 cases were reported on site.

“We should also emphasize that a diversified value chain is always a good hedge against supply chain risks. So, it’s a good pitch for the Philippines, especially under the CREATE Law,” Salceda said, referring to the Corporate Recovery and Tax Incentives for Enterprises Law.

The Bicol lawmaker also asked electronics manufacturing companies to have contingencies “so that we do not have to halt production of electronics and semiconductors.”

“Prices of electronics and semiconductors are very likely to go up if the China shutdowns persist. It’s an earning opportunity for our export enterprises in that area. It would be a waste of opportunity if we also shut down," he further said.