The country’s exports of electronic products may hit $110 billion by 2030 amid growing demand from new technologies and products, according to the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI).
‘It’s possible (to reach $110 billion). There are a lot of external factors,’ SEIPI president Dan Lachica told reporters yesterday.
Of the $110 billion electronics exports projected by 2030, he said that semiconductors would account for $70 billion, while other electronic products would cover $40 billion.
These are also the 2030 targets set under the roadmap for the country’s semiconductor and electronics industry announced by the Office of the Special Assistant to the President for Investment and Economic Affairs earlier this year.
While the SEIPI’s official projection is a flat growth for the industry for this year, Lachica said electronics exports could post modest growth, citing encouraging developments.
Latest data from the Philippine Statistics Authority showed that the country’s electronics exports from January to August rose by seven percent to $29.48 billion from $27.45 billion in the same period last year.
‘If we are on track to continue with our pattern that we’re seeing, the year-to-date numbers, we may even reach if not exceed the 2023 numbers,’ Lachica said.
Last year, electronics exports declined by six percent to $42.74 billion from $45.65 billion in 2023.
Lachica said the growth in electronics exports would be driven by demand for electronics components from new technologies like artificial intelligence and Industry 4.0, as well as from vehicles and devices.
‘The overall demand in the world is increasing,’ Lachica said.
He said risks to the outlook include natural disasters, geopolitical uncertainties, as well as the United States’ plan to impose tariffs on its semiconductor imports.
Earlier, US president Donald Trump threatened to slap tariffs of up to 300 percent on semiconductor imports, with exemptions for companies that commit to invest in manufacturing in the US.
At present, semiconductor exports are not covered by the 19-percent tariff imposed by the US on Philippine goods.
Despite risks, Lachica said SEIPI members are being advised to operate and produce based on existing demand.
He also said two firms engaged in electronics and semiconductor manufacturing in the country are planning to expand operations.
In line with efforts to promote the country’s semiconductor and electronics industry, the SEIPI is set to hold the Philippine Semiconductor and Electronics Convention and Exhibition 2025 from Oct. 28 to 30 at the SMX Convention Center in Pasay.