spot_img
25.9 C
Philippines
Friday, February 7, 2025

Marcos pushes for semiconductor industry growth to boost economy

President Ferdinand Marcos Jr. called on the government and industry stakeholders to prioritize the development of the semiconductor and electronics sector, emphasizing its crucial role in driving the country’s economic growth.

Mr. Marcos met with the Private Sector Advisory Council-Education and Jobs Sector Group (PSAC-EJSG) in Malacañang on Tuesday. They discussed updates on previous recommendations and reviewed new proposals aimed at boosting the semiconductor industry.

- Advertisement -

The President acknowledged the need to push for the continuous development of the semiconductor industry, considering its significant contributions to the Philippines’ export income. “We really should be focusing on it more. So, let’s do that now… We need to hear more from the industry,” he said.

Mr. Marcos sought active engagements with industry leaders to gather insights and identify strategies for development, suggesting that incentives could be implemented through the Implementing Rules and Regulations (IRR) of the CREATE MORE Law to expedite support for semiconductor investors.

One area we need to address is the lack of specific incentives for the semiconductor industry under CREATE MORE, while other sectors, like car manufacturing, already enjoy such benefits, according to the President. He asked for inputs from stakeholders to determine what can be done.

The PSAC-EJSG echoed President Marcos’ sentiments, proposing a review of the law to include incentives tailored for the semiconductor and electronics sector.

In the same meeting, the council presented the country’s semiconductor and electronics roadmap, highlighting its potential to position the Philippines as a key player in the global supply chain.

PSAC also recommended the creation of a National Education and Workforce Development Plan (NatPlan) to address the skills gap in emerging industries, which President Marcos supports

LATEST NEWS

Popular Articles