THE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said that the semiconductor industry in the country could contract to about 9 to 10 percent in 2023.

In an interview at the ABS-CBN News Channel, SEIPI president Dan Lachica noted that they expect the industry to grow by 5 percent in 2023.

However, due to the "global political and economic factors, compounded by inventory correction that we’ve seen."

"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,” he said.

"So when we had our board meeting, our SEIPI board meeting last week, we estimated a 9-10 percent contraction versus 2022 levels,” he added.

Meanwhile, Lachica said that they are expecting an improvement when in comes to the global demand for semiconductors in 2024.

They are looking at a flat growth in that year compared to 2023.