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SEIPI sees 20% contraction in exports

Significantly crippled by the COVID-19 pandemic, the electronics and semiconductor industry, projected a 20 percent decline in exports this year from the $43.3 billion level in 2019.

The Semiconductor and Electronics Industry in the Philippines Foundation Inc. (SEIPI) emphasized this in a letter to Senate President Vicente C. Sotto III wherein they expressed strong support to the position of Trade and Industry Secretary Ramon M. Lopez that the Bayanihan 2 economic stimulus package must provide financial assistance and a national policy for manufacturers to prevent further closures of factories and preserve jobs.

“Exporters have not been able to operate at full capacity due to global and local supply chain disruptions, reduced manpower due to concerns with infection and lack of public transportation, as well as the rise of COVID cases, which necessitated tighter quarantine procedures,” said SEIPI President Dan Lachica.

“As a result, we have seen a 20 percent contraction of the electronics industry from the $43.3 billion export level in 2019. This may conceivably get worse if we don’t arrest the infection rate.”

SEIPI is the leading organization of multinational and Filipino-owned semiconductor and electronics companies in the Philippines with over 338 members, including manufacturing firms, allied and support industries, and the academe.

The Philippine semiconductor and electronics industry is a significant driver of the Philippine economy and the largest contributor to the country’s manufacturing sector. In 2019, the industry accounted for $43.32 billion, or 61.60 percent, of the country’s total exports and employing over 3 million direct and indirect workers.

To prevent an increase of companies shutting down and the consequent increase of displaced workers, SEIPI asked Sotto to consider the appeal of the DTI to provide assistance to the manufacturing sector, including exporters and its supply chain, which were excluded in Senate Bill 1564 and House Bill 6953.


Source: Manila Bulletin (https://mb.com.ph/2020/08/16/seipi-sees-20-contraction-in-exports/?utm_source=rss&utm_medium=rss&utm_campaign=seipi-sees-20-contraction-in-exports)

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