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Weak Peso, Holidays Give Recovery Hopes to Philippine Chipmakers

  • Industry group sees 10% revenue growth in 2022 amid headwinds
  • $3.2 billion in potential investments lost as incentives cut
Shoppers at the Venice Grand Canal Mall in Taguig City, Metro Manila.
Shoppers at the Venice Grand Canal Mall in Taguig City, Metro Manila.Photographer: Veejay Villafranca/Bloomberg

Philippine electronics exporters expect sales to grow 10% this year, hoping their products made cheaper by the peso’s weakness will attract buyers, including holiday shoppers.

“Almost everything around you has electronics, and year-end is the time that’s best for gifts and requirements for both industry and personal,” Dan Lachica, president of industry group Semiconductor and Electronics Industries in the Philippines Inc., said in an interview. “Historically, there’s a catch-up that happens towards the end of the year.”