Skip to main content

Philippine Electronic Exports in February 2024 Surges: DTI’s Strategic Vision Drives Growth

Published: 5.6.2024

The Philippine electronics and semiconductor industry is shown to rebound in 2024, as evidenced by double-digit growth in export revenues for February. Based on the preliminary data released by the Philippine Statistics Authority, the nation’s total external trade in goods hit USD 15.46 billion in February 2024, representing a 9.7% increase over the USD 14.09 billion recorded in the same period of the previous year.

Electronic products, which constitute nearly 63 percent of the country’s exports, expanded by 26.8 percent $3.4 billion in February 2024, according to the Department of Trade and Industry.

Global semiconductor sales also saw a significant 16.3-percent increase in February 2024, totaling $46.2 billion. The Semiconductor Industry Association noted this as the largest year-on-year growth since May 2022, projecting continued market growth throughout the year.

Department of Trade and Industry (DTI) Secretary Alfredo Pascual highlighted the positive trajectory of the electronics sector, noting that this recovery aligns with broader government initiatives to strengthen the country’s export potential.

The Department recently led a delegation to South Korea, seeking to harness lessons from Korea's support programs as part of the Origin Management System for the Promotion of FTAs in the Philippines Project. This initiative, funded by the Korean government, aims to simplify and enhance the utilization of technology and digital services for Philippine manufacturers and traders by reducing the time and costs of compliance with the rules of origin requirements for FTAs and GSPs, unlocking new opportunities for Filipino exporters.

The Origin Management System features an AI-powered Harmonized System classification tool, enabling exporters to identify the correct HS codes and assess if their products qualify under FTA and GSP rules.

DTI Undersecretary Ceferino Rodolfo praised this initiative's potential, emphasizing its role in simplifying the exporting process and leveraging international trade agreements.

Further complementing these efforts, the DTI’s Export Marketing Bureau has partnered with the Intellectual Property Office of the Philippines and the Philippine Export Confederation to launch the “Juan for the World Program” to support Filipino micro, small, and medium enterprise exporters in building strong brand identities and protecting their intellectual property.

DTI also plans to host 24 “Usapang Exports” sessions across the country focusing on sharing insights into market opportunities, trends, regulations, and export strategies, providing a comprehensive roadmap for Filipino businesses to capitalize on global opportunities.

These initiatives form part of the larger Philippine Export Development Plan 2023-2028, reinforcing the government’s commitment to fostering a robust export sector. With a clear strategic vision and a suite of innovative tools, the DTI is helping position the Philippines as a key player in the global electronics trade while enabling MSMEs to thrive in the international marketplace.

Stay up to date
Read industry news, product offers, and events.
Join email list