The Philippines’ electronics sector stands to benefit from increasing global demand for tech goods amid COVID-19 lockdowns worldwide, the Washington-based IIF said. | bendeveraINQ
The Philippines’ electronics sector stands to benefit from increasing global demand for tech goods amid COVID-19 lockdowns worldwide, hence would help ease the domestic recession inflicted by the pandemic, the Washington-based Institute of International Finance said.
“Restrictions on people’s daily activities led to significant behavioral changes, which exacerbated pre-existing trends towards remote work and online learning. Such developments stimulated demand for electronic applications, computing devices, and other technology-related products,” IIF said in a July 29 report titled “EM Asia: COVID-Induced External Adjustment.
“Looking ahead, an increase in high-tech device export orders, albeit at a more moderate pace compared to the first half, will help to partially offset the negative impact of the global recession in several countries—including in Malaysia, the Philippines, South Korea, and Vietnam, where they make up a substantial share of total exports,” IIF said.
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