PH eyes more Taiwan investments
THE Philippine Economic Zone Authority (PEZA) is seeking more investments from semiconductor and chip manufacturers from Taiwan.
“PEZA looks to engage more semiconductor and chips manufacturers like Taiwan firm TSMC (Taiwan Semiconductor Manufacturing Co.) as it moves forward to diversify and elevate its footprint in the industry,” PEZA Director General Tereso Panga said in a statement on Friday.
He added that they will push for a comprehensive approach involving government and industry to overcome investment challenges and actively promote and facilitate investments.
Panga added that they aim to establish the Philippines as a desirable hub in the region for the electronics manufacturing services (EMS) and semiconductor manufacturing services (SMS), and other key industries.
“PEZA’s track record has shown that we are ready to support the semiconductor industry, which remains on top of our priority industries, and it will remain the same under my watch,” he said.
Likewise, Panga also lauded the flourishing partnerships with American investors in various sectors, most especially in the EMS and SMS sectors.
Following the visit of US Secretary of State Antony Blinken and the high-level US delegation led by Commerce Secretary Gina Raimondo, the PEZA chief said that the country is more than welcome to be hosting investments from the US EMS-SMS sectors and other industries.
As a result of the recent US trade mission, PEZA said that several companies have indicated serious interest in choosing the Philippines as the location of their new and expansion projects.
“Several prospects from other nationalities are also seen entering the Philippines,” it said.
State Secretary Blinken highlighted the Philippines’ performance in the EMS-SMS sector, noting that the country has about 20 percent of the global market for assembly testing packaging, representing about 12 percent of Philippine gross domestic product.
However, he said that much can be done to “decrease dependencies and strengthen global supply chains.”
During his visit, Blinken said they plan to invest $1 billion in the Philippine technology sector and to double the semiconductor factories in the country.
As of December 2023, PEZA is home to a total of 478 companies engaged in various EMS-SMS activities. These companies bring in P980.497 billion in investments, generate $27.693 billion in exports and create 363,113 direct jobs.