The Philippines is expected to ride on the strong recovery of the electronics sector amid better demand as economies rebound from the pandemic.
Market intelligence firm IHS Markit said global demand for electronic products would strengthen for the rest of the year.
This is due to improving global economic recovery as COVID-19 vaccines are progressively rolled out across countries.
IHS Markit chief economist said, “In the first half of 2021, global electronics demand has rebounded significantly from the lows of the first half of 2020, when lockdowns disrupted production and consumer spending.”
Last year, Asian electronic production suffered severe supply disruptions and slumping global demand due to the pandemic and lockdowns. Electronics is the Philippines’ top export, accounting for almost 60 percent of total shipments.
Total exports for March went up as electronic products registered a 25 percent increase to 3.6 billion dollars.