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Philippine electronics exports growth in 2017 is highest in history

The Philippines’ overall electronic exports in 2017 accounted for 52 percent of the country’s total commodity exports of the year. FILE
MANILA, Philippines — Philippine electronics exports posted a double digit growth in 2017 to reach $32.7 billion, the highest in the industry’s history, the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) reported Tuesday.
 
According to SEIPI, the largest organization of Filipino and foreign electronics companies in the country, cumulative electronic exports increased 11.17 percent in 2017 from $29.4 billion a year ago.
 
The Philippines’ overall electronic exports in 2017 accounted for 52 percent of the country’s total commodity exports of the year.
 
In December 2017, the industry remained as the country’s top exporter for the month, with total receipts of $2.859 billion, or 60.56 percent of the total Philippine exports amounting to $4.721 billion, SEIPI said in its report.
 
Month-on-month, electronic exports declined 0.62 percent in December last year to $2.86 billion from $2.88 billion that was posted in November 2017.
 
SEIPI president Dan Lachica earlier said the group’s exports growth forecast for 2018 stands at 6 percent, almost similar to its 6 to eight percent growth target for 2017. 
 
However, Lachica said the group is concerned about the potential negative impact to the industry of the imposition of value added tax on local suppliers under the already-approved first package of the tax reform program. 
 
“The good news is Finance Undersecretary Karl Chua agreed to meet us to discuss our industry concerns,” he said.
 
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