The Philippines has generated expressions of interest from technology companies in the United States, including one that plans a semiconductor campus with investments that could go up to $1.2 billion.
Trade Secretary Alfredo Pascual told reporters these are on top of the $627- million agreements signed on the sidelines of the Asia Pacific Economic Cooperation Summit in California and are an outcome of his meetings with officials of 15 companies while in the US state.
“(There was) One company that was originally intending to invest in a semiconductor company and spend $250 million. After our long discussion, they saw the possibility of establishing a campus for a more integrated operations and increase the investment,” Pascual said but declined to identify the company.
Pascual said two companies which are in the business of reducing the power consumption of data centers indicated to the Philippine delegation they have the technology for the Philippines’ requirements.
Pascual also participated in discussions with fund managers based in the US which expressed interest to increase their exposure to investments of Philippine or foreign companies in the country.
Another US company Pascual met in the US has solidified its commitment yesterday.
The Department of Trade and Industry yesterday signed a partnership with Plug and Play Tech Center, the largest corporate innovation platform on a global scale, for a pioneering a national startup initiative.
Pascual said the partnership plans to achieve two cycles of acceleration per year, supporting potential
pilot and commercialization efforts of over 20 tech startup companies.
He said the program will concentrate on strengthening the Philippines’ information technology-business process management industry through AI adoption and in empowering manufacturing.
