MANILA - Philippine electronic exports will likely grow faster than anticipated this year helped by a pick-up in global demand, with growth in 2015 seen staying robust, an electronics industry group said on Thursday.
Electronic exports make up around two-fifths of the Philippines' total shipments, so the improved outlook for the sector bodes well for overall economic growth.
The Semiconductor and Electronics Industries in the Philippines (SEIPI) forecast that electronic exports will grow between 7-11 percent this year, compared with its earlier estimate of 5-8 percent, while next year's growth will probably be between 5-7 percent.
Industry officials said the whole industry is benefiting from a pick-up in global demand and the trend is expected to continue next year, helped by sliding oil prices, which should translate to lower power and transport costs.
"Price of oil is down, the money supply of different economies are continuing...all governments of major economies are pushing for consumption and consumption requirement is anchored on goods and services," Arthur Tan, chairman of SEIPI, told a news conference.
Electronics exports rose 6 percent in the 10 months to October this year to $20.9 billion from $19.8 billion last year.
Tan said wireless applications, smartphones, automotive electronics were, and would be, the drivers of growth for the sector for this year and next.
The Southeast Asian nation, which imports electronic parts and inputs for assembly for export later, provides about 10 percent of the world's semiconductor manufacturing services, including for mobile phone chips and micro processors.
SEIPI encompasses more than 200 semiconductors and electronics manufacturers including units of Samsung Electronics and Texas Instruments.
Economic Planning Chief Arsenio Balisacan said on Wednesday economic growth in the last three months of the year will likely be better than the third quarter, and he expressed hope the economy would still expand by 6 to 7 percent this year.
Manila has a growth target of 6.5-7.5 percent this year and 7-8 percent next year.