MANILA - Electronics exports could grow by a “modest” five to six percent next year, driven by demand from the telecommunications and automotive sectors, an industry group said Monday.
However, there is “concern” over the “misinterpretation” of President Rodrigo Duterte’s tough rhetoric against the US, one of the Philippines’ major markets, said Dan Lachica, president of the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI)
“But the concern really is what the foreign companies and international news pick up about what the President says in international meetings, and so the interpretation or even misinterpretation of these statements have caused concerns,” Lachica told ANC’s “Market Edge with Cathy Yang.”
“It behooves us to make sure that they understand that the Philippines is open for business and business conditions are actually improving and not to be overly concerned about what they hear in the international press,” he added.
Since assuming office on June 30, Duterte has increasingly shifted Manila’s allegiance to Beijing from traditional ally Washington. While on a state visit to China in October, he announced the country’s “separation” from the US.