The Philippines is one of the countries chosen by the US as partners under the CHIPS and Science Act, wherein the US government earmarked $500 million for the International Technology, Security, and Innovation (ITSI) Fund to be spent over the next five years in the partner countries.
Philippine merchandise exports surged by 15.7% in February 2024, recording $ 5.9 billion compared to $ 5.1 billion over a year earlier, based on preliminary data from the Philippine Statistics Authority (PSA).
Under the CHIPS Act, the Philippines stands to benefit from the $500-million International Technology, Security, and Innovation Fund for a five-year period.
The Philippine delegation also met representatives from Czech tech giant ERA to explore the company's interest in expanding its presence in the Philippines.
The Philippine government, through the Board of Investments (BOI), said it is looking to venture into semiconductor design and establish a lab-scale wafer fabrication plant in the country.
US undersecretary for economic growth, energy, and the environment Jose Fernandez said the Philippines, along with Vietnam, Panama, Puerto Rico, and Mexico will receive funding from the US government to make the ecosystem of their local semiconductor industry more conducive to US investors.
The Philippine semiconductor industry, a key player in the global electronics value chain, is experiencing a period of significant transformation, influenced by both local dynamics and global trends.
The manufacture of computer, electronic, and optical products continued its downtrend in the third quarter of 2021 with an annual decline of -16.4 percent, the highest drop among the nine industries that recorded declines in annual growth rates.
