The United States has committed to collaborate with the Philippines to boost the development of the mining and semiconductor industries, anticipated to bring about significant economic growth.
According to Manila Standard, the Board of Investments (BOI) has officially declared its partnership with the US Department of State, specifically with Undersecretary Jose Fernandez, to ensure sustainable development and economic resilience in the Philippines.
BOI Managing Head Ceferino Rodolfo expressed excitement about this partnership, which has the potential to reinforce the Philippines’ global economic standing while promoting mutual growth and innovation.
Fernandez acknowledged the Philippines’ substantial advancements in the semiconductor and critical minerals sectors, citing the highly trainable and well-educated workforce in the country.
The US has identified the Philippines as one of the seven countries it intends to support under the CHIPS Act, focusing its assistance on the assembly, testing, and packaging aspects of the country’s semiconductor industry.
Additionally, both countries have agreed to collaborate with other nations in conducting mineral refining activities in the Philippines, with the US providing technical assistance as the country develops a work plan on critical minerals.
The US International Development Finance Corp. has revealed plans to establish a more permanent presence in the Philippines by February, indicating a long-term commitment to collaboration.
The Philippines has expressed its desire to explore semiconductor design, with the BOI considering the establishment of a lab-scale wafer fabrication plant. This initiative aims to train the workforce and enable local prototyping of semiconductor chip designs.
The United States has invited the Philippines to become part of the OECD Semiconductor Informal Exchange Network, further strengthening their collaboration in the semiconductor domain.
