PH Electronics And Semiconductor Exports Recovering In 2024 --- DTI

The Department of Trade and Industry (DTI) Secretary Alfredo Pascual reported that the country’s electronics and semiconductor exports are recovering this year, with overall export revenues showing double-digit growth in February.

Outbound shipments of electronic products surged by 26.8 percent to USD 3.4 billion in February 2024 from USD 2.7 billion in the same month last year. I Photo: Global IMI

According to preliminary data from the Philippine Statistics Authority (PSA), outbound shipments of electronic products surged by 26.8 percent to USD 3.4 billion in February 2024 from USD 2.7 billion in the same month last year.

Pascual attributed this significant growth to the expansion of semiconductor exports, which increased by 31.9 percent to USD 2.65 billion, marking the highest value of semiconductor exports recorded in February over the past decade.

“The electronics sector is evidently recovering, even catching up with the export figures from two years ago,” emphasized the DTI chief, adding, “We are hopeful that this growth momentum will be sustained in the coming months.”

Pascual stressed that the DTI is closely working with stakeholders, such as the private sector, development partners, and other government agencies, to make Philippine export products more competitive in the global market.

One of their initiatives is the recent visit of a DTI delegation to South Korea to learn from the East Asian country’s support programs, such as the Origin Management System for the Promotion of FTAs (Free Trade Agreements) in the Philippines Project, funded by the Korean government.

The Origin Management System is a platform where exporters can identify if their products qualify under the respective origin requirements of FTAs and the generalized system of preferences (GSPs).

The platform is also enabled by an AI-Harmonized System (HS) classification tool that enables exporters to determine the appropriate HS codes for their products, Pascual shared.

DTI Undersecretary Ceferino Rodolfo commented, “We see the immense potential in this project to boost the development and growth of Philippine exports by simplifying the exporting process and leveraging FTAs/GSP.”

He also noted that the Export Marketing Bureau has partnered with the Intellectual Property Office of the Philippines and the Philippine Export Confederation to offer the “Juan for the World Program,” an initiative to help Filipino micro, small, and medium enterprise (MSME) exporters build a strong brand identity and protect their trademarks.

The DTI likewise announced that it would also conduct 24 “Usapang Exports” sessions nationwide to tackle market opportunities, trends, regulations, and other export-related topics.