US Assistant Secretary of State for the Bureau of Economic and Business Affairs Ramin Toloui on Tuesday announced plans to strengthen the assembly, test and packaging (ATP) component of the Philippine semiconductor industry, an initiative under the US CHIPS Act.
“The focus of the trip is really to deepen our partnerships with our Asian allies and partners, to try to strengthen resilience of supply chains, prepare our economies for the challenges of the upcoming years and decades. That’s been reflected in the meetings that I’ve had here in Manila,” Toloui said in briefing in Makati City.
He noted the Philippines’ role in the semiconductor supply chain, particularly in addressing the needs for additional manufacturing given the projected growth demand in the global semiconductor industry.
Production of medical devices and smart automotive parts are on the rise, requiring semiconductor manufacturing to step up and catch up with the demand.