US investors eye chip industry 

American semiconductors companies are looking at new investment opportunities in the Philippines, the government said on Monday, presenting an opportunity to further develop the $45-billion local industry.

According to the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), President Marcos and key stakeholders in the US semiconductor industry, including the president of the Semiconductor Industry Association John Neuffer met on Monday to discuss the matter.

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Further measures that will be taken to move potential business prospects forward were discussed in a separate meeting with high-ranking Philippine economic officials, it added.

“Our government has identified the semiconductor industry as the priority sector for investment. This reflects its vital role in driving economic growth, technological innovation, and job creation,” Secretary Frederick Go, who heads the OSAPIEA, said in a statement.

“The visit aligns with our efforts to position the country as a premier investment destination in the region and the global stage,” he added.

The Philippine government and the semiconductor industry have set three main priorities: expanding the assembly, testing and packaging sector; capacity building on integrated circuit design, and proper education and upskilling of the future workforce.

The local semiconductor sector is a main contributor to the Philippine economy, with its exports accounting for 62 percent of total commodity exports, according to the Semiconductors and Electronics Industries in the Philippines Foundation, Inc.

In 2023, the sector exported $45.6 billion worth of goods and employed three million workers.

“These figures underscore the sector’s importance not only in terms of revenue but also in providing employment opportunities for Filipinos,” said the OSAPIEA.