SAN FRANCISCO, CALIFORNIA–On 15 November 2023, President Ferdinand R. Marcos Jr. together with Department of Trade and Industry (DTI) Secretary Fred Pascual met with the US Semiconductor Industry Association (SIA). The DTI chief cited that the electronics and semiconductors industries play a pivotal role in the country’s path to recovery and growth.  

Secretary Pascual said, “The Philippines has witnessed substantial growth in electronics exports with a remarkable 62% surge equal to USD 49 billion in 2022.  While we do not expect as big an export growth in 2023 , , the Philippines remains an attractive destination for companies seeking cost-efficiency and value optimization to serve international clients profitably. Our country offers several advantages, including a large pool of young skilled labor, a competitive business environment, strategic market access, and strong government support.” 

The trade and industry chief emphasized that to leverage the advantages and growth of the local industry, the Board of Investments (BOI) has been implementing an Industry Development Program (IDP), that implements activities and initiatives to address industry constraints and enhance their competitiveness.  With competitive local industries, the PH becomes a destination of choice for FDIs in the ASEAN region.   

Relatedly, Secretary Pascual cited among the electronics industry development initiatives to be the DTI/BOI- JICA Industrial HR Development Project, part of which is an investment mission to Japan this November in time for the Tokyo Expo 2023. At this expo, the Philippines will have a booth to showcase the country’s expertise in semiconductors and electronics.  

The trade chief further shared that the BOI is conducting an electronics supply chain scan to profile the current competencies and capabilities of the local companies, identify potential growth segments, provide the required interventions, and attract investments into the country.  

The DTI Secretary emphasized that the Philippines aims to move up the value chain and increase its chip design activity.  He added that to translate this vision into a reality, the Department is working with the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI). SEIPI has a standing proposition to establish an IC design training lab and a lab-scale wafer fab to support the prototype build requirements of the country. 

The Secretary joined the President in inviting SIA  to partner with the Philippines, emphasizing that, “The Philippine government recognizes the importance of fostering relevant collaboration projects and cooperation with partner countries such as the US, as key partners for economic development that would help spur faster the development of our country’s semiconductor industry. I therefore encourage the SIA Board Members to continue doing business with us as we mutually pursue to elevate our countries’ relations further, and optimally benefit from the growth potential of our economies. Let us work together to bring your investment projects to positive results. We can make them happen in the Philippines.” ♦

Date of Release: 18 November 2023

Related posts:

DTI chief Pascual encourages US companies to invest in the semiconductor industry DTI Chief Pascual urged Malaysian businesses to invest in the Philippines DTI Secretary Pascual champions manufacturing sector and employment boost Secretary Pascual highlights DTI’s programs to bring the creative industry to new heights DTI Secretary Pascual vows to work with manufacturers on issues to help lower costs DTI Secretary Pascual signs OTOP IRR to promote MSMEs development DTI Chief Pascual highlights PH as ideal investment destination