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The United States seeks to work with the Philippines to develop its semiconductor industry, naming it one of seven countries to benefit from the $500 million plan.
Secretary of State Fernandez said that the 2022 CHIPS Act provides US$500 million in funds to create an international supply chain and assist the local semiconductor industry. Partner countries include Vietnam, Panama, Costa Rica and Mexico.
Fernandez highlighted the potential of the Philippines’ semiconductor industry, saying it is its largest export and employs 2.5 million workers. The United States hopes to work with the Philippines to strengthen the semiconductor ecosystem, assess the ecosystem and regulatory framework, and provide a basis for future cooperation.
The collaboration highlights the two countries’ critical cooperation in ensuring the resiliency of the global semiconductor supply chain.
(Source: philstar Image source: freepik)
