Electronics is the Philippines’ top export, accounting for almost 60 percent of the total. Latest data showed that electronic products registered a marginal increase of 0.3 percent in January to 3.2 billion dollars.
Specifically, electronic products for data processing, consumer electronics, control and instrumentation, and medical and industrial products saw significant increases.
IHS Markit AsPac chief economist Rajiv Biswas said, “The impact of the pandemic has accelerated the pace of digital transformation due to the global shift to working remotely, which has boosted demand for electronic devices such as computers, printers and mobile phones.”
He added the easing of lockdowns in many countries has also triggered a rebound in consumer spending, helping to boost demand for a wide range of consumer electronics.
The market intelligence firm noted the medium-term economic outlook is also supportive of the electronics industry.