Louella Desiderio – The Philippine Star
November 19, 2023 | 12:00am
MANILA, Philippines — The electronics and semiconductors industries are expected to play a crucial role in the country’s growth, according to the Department of Trade and Industry.
Trade Secretary Alfredo Pascual discussed how to leverage the growth of the country’s electronics sector during President Marcos’ meeting with the US Semiconductor Industry Association (SIA).
“The Philippines has witnessed substantial growth in electronics exports with a remarkable 62 percent surge equal to $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,” Pascual said.
The DTI chief said the Philippines offers several advantages as it has a large pool of young and skilled labor force, a competitive business environment, strategic market access, and strong government support.
To take advantage of the growth opportunities in the sector, he said the Board of Investments (BOI) has been implementing an industry development program to address industry constraints and enhance competitiveness to make the country a preferred destination by investors in Southeast Asia.
Pascual said an investment mission to Japan is scheduled this month in time for the Tokyo Expo 2023.
The Philippines aims to showcase the country’s work in the semiconductors and electronics sector in the trade event.
Pascual added 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 necessary interventions and encourage investments to the country.
As the country’s aim is to move up the value chain and increase its chip design activity, he said the DTI is working with the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI), which groups foreign and Filipino electronics companies.
SEIPI wants an integrated circuit (IC) design training lab and a lab-scale wafer fab to be established in order to support the prototype build requirements of the country.
Recognizing the role of collaboration in promoting the development of the electronics sector, Pascual invited SIA to partner with the country.
According to Pascual, 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,” he said.
The information provided in our posts or blogs are for educational and informative purposes only. We do not guarantee the accuracy, completeness or suitability of the information. We do not provide financial or investment advice. Readers should always seek professional advice before making any financial or investment decisions based on the information provided in our content. We will not be held responsible for any losses, damages or consequences that may arise from relying on the information provided in our content.