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Semiconductor industry seen contracting in 2023: group

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ABS-CBN News

MANILA -- The semiconductor industry in the Philippines may contract by about 9 to 10 percent in 2023, the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said Monday.Speaking on ANC&#x27;s &quot;Market Edge,&quot; SEIPI president Dan Lachica said they initially expected the industry to grow by 5 percent in 2023, but they were hit by &quot;global political and economic factors, compounded by inventory correction that we’ve seen.&quot;&quot;We’ve seen a 15 percent contraction in (the first quarter), recovered somewhat to about 7 percent but again, the trend doesn’t seem to have improved. &quot;So when we had our board meeting, our SEIPI board meeting last week, we estimated a 9-10 percent contraction versus 2022 levels.&quot;Lachica said they expect some improvement in the global demand for semiconductors in 2024, looking at a flat growth in that year compared to 2023.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/business/05/31/23/electronics-sector-to-benefit-from-ai-new-tech-seipi">Electronics sector to benefit from AI, new tech: SEIPI</a></li></ul><div>--ANC, 27 November 2023</div>

The semiconductor industry in the Philippines may contract by about 9 to 10 percent in 2023, an industry group said. 