The electronics industry, which produces the Philippines’ leading exports, is expected to come under pressure in 2023 as its most important markets go through recessions, analysts said. READ:
“We expect recessions in major economies like Europe and the US and so export growth of the Philippines will likely fall sharply too. In addition, the technology sector is on a steep downcycle so electronics exports are unlikely to hold up,” Nomura Chief ASEAN Economist Euben Paracuelles said in an e-mail.
The Russia-Ukraine war has also affected the supply chains of most industries, especially in electronics. “Domestic demand will be the main growth engine for 2023 but its resilience to an export-led downturn is also likely lower than before because persistently high inHeadline inThe median estimate for December ination of 11 analysts was 8.3%, within the 7.8% to 8.6% forecast issued by the Bangko Sentral ng Pilipinas last week.ation exceeding the BSP’s 2-4% target range.
Exports of semiconductors, which make up the bulk of electronic products, rose 62.7% to $4.30 billion. Semiconductors accounted for more than half of total exports during the month. “More free trade agreements and regional pacts help spur greater demand and growth for the country’s exports especially electronics,” Mr. Ricafort added.
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