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SEIPI maintains 5% growth target despite lower Q1 exports


The Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) is maintaining its 5 percent growth target for this year despite the slowdown in the industry's export revenues in the first quarter of the year. SEIPI president Dan Lachica said the sector's exports from January to March stood at USD9.3 billion, which is around 10 percent lower than the same period in the previous year. Lachica said all sub-sectors declined their exports in the first quarter, including components and integrated circuits, among others. 'We're still eyeing for 5 percent growth for this year… We just had a board meeting two weeks ago, and we're still maintaining that number,' he told reporters Monday night. Lachica said the industry is banking on the recovery of demand globally, especially with emerging technologies, artificial intelligence, big data, and electric vehicles. 'There's still a lot of demand for electronic products,' he added. Semiconductor and electronic products are the country's top exports, accounting more than half of the total export revenues.

Source: Philippines News Agency