Spiraling costs brought by Russia’s invasion of Ukraine are hampering the operations of the local electronics industry in spite of increased competitiveness due to the weak peso.
“We are seeing increases in our cost of operations,” Danilo C. Lachica, president of the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. told“Some suppliers of power have increased their prices as well in response to the shortage of coal,” he said. “It’s really very painful right now. We’re still trying to recover from the impact of the pandemic and yet these factors, notwithstanding the devaluation to the peso, is just creating havoc.
“We expect a 10% increase in our export performance this year, but then again, the margins will be smaller because of the higher costs,” he said. Philippine electronics exports rose by 12.9% to a record $45.92 billion last year, SEIPI said in February.
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