Executives of semiconductor firms from the United States are in the Philippines to explore business opportunities in the domestic industry.
The delegation, which included Semiconductor Industry Association (SIA) president John Neuffer, paid a courtesy visit to President Ferdinand R. Marcos Jr. at Malacañan Palace on Monday.
Neuffer said US semiconductor companies are eyeing to move up the value chain, like integrated circuit (IC) design, if they invest in the Philippines.
Marcos told the delegation that the Philippines is a “very fertile area for development,” with the government identifying semiconductor activities as its priority sector.
The US delegation also included SIA Director Jennifer Meng, and executives of Allegro Microsystems, Amkor Technology, Analog Devices, Microchip Technology, and OnSemi. They were accompanied by US Ambassador to the Philippines MaryKay Carlson.
The delegation also met with Office of the Special Assistant of the President for Investment and Economic Affairs Secretary Frederick Go and Trade Secretary Ma. Cristina Roque.
Go said the Philippines offers vast opportunities for American semiconductor companies.
“Our government has identified the semiconductor industry as the priority sector for investment. This reflects its vital role in driving economic growth, technological innovation, and job creation,” he said in a separate statement.
“The visit aligns with our efforts to position the country as a premier investment destination in the region and the global stage.”
The Philippines is one of the countries chosen by the US government to receive funding under the Creating Helpful Incentives to Produce Semiconductors or CHIPS and Science Act.
In 2022, US President Joe Biden signed the CHIPS Act, earmarking USD500 million for the International Technology, Security, and Innovation (ITSI) Fund to be spent over the next five years in the partner countries to help further develop the semiconductor and electronics sector in its partner countries as the US targets to diversify its supply chain. (PNA)
