The Philippines is continuing its rapid pace of upgrading from the traditional CRT TVs to the newer flat screen technology with the latest high tech functions. According to GfK Philippines findings, flat panel TV is currently the key product category driving growth of the consumer electronics sector with its 55% value growth registered in the first seven months of 2012.

During this tracking period, GfK reports revealed consumers in the Philippines spend an estimated US$357 million on nearly 615,000 flat panel TVs, of which over US$58 million was derived from sales of some 37,000 units of Internet-enabled TV. Although its share of the total flat panel TV market is still small at 6% in volume, the latest sales figure reflects a tremendous expansion of close to 300% over the same period last year.

“If this latest trend is an indication of the things to come, internet connectivity may just be the next most popular feature that consumers here will be hankering for,” commented Mr. Benny Villanueva, general manager of GfK Philippines. “Although general awareness level of Internet-enabled TV technology is still considered low at present, declining prices are luring buyers to try out TV sets which come with this new capability.”

While there were only around 37 Internet-enabled TV models in the market last year, the spread has increased considerably to around 88 models this year. Aside from the wider varieties to choose from, the lowering average price of such TVs by around 20% from a year ago to today’s US$1,400, has made the product a more attractive option nowadays.