Tokyo, Japan—On June 19, Department of Trade and Industry Secretary Fred Pascual welcomed MinebeaMitsumi’s support for the goal of the Philippine government to train 128,000 semiconductor professionals by 2028. This reinforces the US CHIPS and Science Act, which allocated USD 50 billion to the industry and identified the Philippines and Japan as key partners.

This program from a global semiconductor industry player in Japan is a powerful reaffirmation of DTI’s initiative to create a competitive pool of highly skilled professionals for incoming foreign investors.

In April 2024, a trilateral summit among the Philippines, Japan, and the United States committed the three countries to strengthen the semiconductor supply chain and workforce development. 

The semiconductor industry is one of the priority industries pursued in the Strategic Investment Priority Plan (SIPP), a comprehensive plan designed to attract investments promoting sustainability, efficient resource use, and environmental protection. The SIPP offers a tiered structure with increasing tax holidays and fiscal incentives for investments with a greater positive impact.

Apart from these sound policy efforts, the Philippines offers a compelling proposition for foreign investors in the electronics sector with its skilled workforce, competitive labor costs, and preferential access to major markets through free trade agreements.

“We are confident that by working together with global semiconductor leaders like MinebeaMitsumi, the Philippines’ advocacy for generating a highly skilled workforce to achieve economic and industrial security stands on solid footing,” said Pascual. 

MinebeaMitsumi, a forward-looking semiconductor company that produces cutting-edge motors, connectors, sensors, bearings, power supplies, and the like, identified electric vehicles, renewable energy, artificial intelligence, and extended reality as domains of growth in the global market.

As an integrated manufacturer of precision components that supports various sectors, MinebeaMitsumi will need to leverage a strong and substantial talent pool, among other resources. ♦

Date of release: 21 June 2024

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