Marcos Urges Focus on Semiconductor Sector for Economic Growth

Manila: President Ferdinand R. Marcos Jr. has called on the government and key stakeholders to prioritize the growth of the semiconductor and electronics industry, highlighting its substantial potential to boost the economy. In a meeting with the Private Sector Advisory Council-Education and Jobs Sector Group (PSAC-EJSG) in Malaca±ang Tuesday, the President discussed updates on previous recommendations and new proposals concerning the semiconductor industry.

According to Philippines News Agency, President Marcos emphasized the need for a stronger focus on the sector to enhance its contributions to the country's economy. He noted the importance of pushing the semiconductor industry forward due to the significant income generated from exports. The President expressed a desire to hear from the industry on potential strategies and incorporate their suggestions.

One proposed approach to advancing the industry is through incentives similar to those in the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which has successfully attracted investments to other sectors like car manufacturing. President Marcos pointed out that the semiconductor industry was not specifically covered under the CREATE MORE Law, which provides incentives to various industries.

The President called for input from the private sector on measures to strengthen the semiconductor industry, urging stakeholders to share their views on necessary actions. The PSAC-EJSG had previously recommended reviewing the implementing rules and regulations of the CREATE MORE Law to include provisions for the semiconductor sector. They also presented a comprehensive roadmap for the country's semiconductor and electronics industry.

Another key recommendation from the PSAC-EJSG was the creation of a National Education and Workforce Development Plan (NatPlan), which received the President's support.