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Saturday, December 9, 2023

US tech firms willing to invest $250 million more in PH

The Trade Department disclosed possible investments of over $250 million for a semiconductor campus, on top of the $627 million agreements generated by the Philippine delegation at the sidelines of the 2023 Asia Pacific Economic Cooperation (APEC) Summit in the US.

Trade secretary Alfredo Pascual said prospective investment is part of the outcome of one of his meetings with 15 companies.

“One company originally intended to invest in a semiconductor company and spend $250 million. After our long discussion, they saw the possibility of establishing a campus for more integrated operations,” Pascual said.

Without revealing the name of the company,  he said the technology firm is bullish on the country’s semiconductor industry and its global prospects.

Two more companies are interested in bringing in a technology that will help reduce the power consumption of data centers operating in the Philippines.

The DTI has also met with American fund managers who are willing to increase their investments in the Philippines.

The DTI and the President met with the US Semiconductor Industry Association (SIA) to update US firms on Philippine initiatives to develop the local semicon industry.

Pascual noted 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 Philippines can become a destination of choice for foreign direct investments in the ASEAN region.   

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.  

Pascual emphasized that the Philippines aims to move up the value chain and increase its chip design activity.  

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