Home Economy US to Support Growth of Philippine Semiconductor Industry in New Partnership

US to Support Growth of Philippine Semiconductor Industry in New Partnership

MANILA - The United States has announced plans to establish a partnership with the Philippine government aimed at expanding the country's semiconductor industry. This initiative is part of the US's strategy to diversify the global semiconductor ecosystem.

According to Philippines News Agency, The collaboration will be facilitated by the US State Department through the US International Technology Security and Innovation (ITSI) Fund. The initial phase involves assessing the Philippines' current semiconductor ecosystem, regulatory framework, workforce, and infrastructure needs. These findings will inform potential future joint projects to develop the sector. The State Department, in its statement on Friday, emphasized that this partnership would contribute to a more resilient and sustainable global semiconductor value chain. The move follows President Joe Biden’s signing of the CHIPS Act of 2022, which allocated funding for domestic semiconductor manufacturing and research in the US. The ITSI Fund, established under the law, provides the State Department with USD100 million annually for five years to promote secure telecommunication networks and ensure semiconductor supply chain security with partner states. President Ferdinand R. Marcos Jr. recently met with officials from Vishay Siliconix in San Francisco, expressing the Philippines' eagerness to collaborate with the US in developing the semiconductor industry.

Previous articleAll resolutions approved at EGM
Next articleFloship Selected to Join HKSTP Elite Programme, Affirming Innovativeness & Growth Potential