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 Malacañang Tuesday, the President discussed updates on previous recommendations and new proposals concerning the semiconductor industry.
“Actually, we really need to push on the semiconductor industry. It’s because, again, it’s not something that we had in mind but the situation — considering how much money we make as the income we get from exports already,” Marcos said.
He emphasized the need for a stronger focus on the sector to enhance its contributions to the country’s economy.
“We really should be focusing on it more. So, let’s do that now. So, we need to hear from the industry to see what you suggest, and what we can try to incorporate na nga,” he added.
One approach to advancing the industry could be through incentives, similar to the provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which has helped attract investments to other industries like car manufacturing, Marcos said.
He pointed out that, unlike other sectors, the semiconductor industry was not specifically covered under the CREATE MORE Law, which provides incentives to various industries.
“In terms of CREATE MORE, there is nothing specific for the semiconductor industry while other industries were given incentives such as car manufacturing,” he said.
The President then called for input from the private sector on what measures could be taken to strengthen the semiconductor industry.
“So, what we would need from all of you is what you think needs to be done,” he said.
The PSAC-EJSG had earlier recommended reviewing the implementing rules and regulations of the CREATE MORE Law to include provisions for the semiconductor sector.
They presented a comprehensive roadmap for the country’s semiconductor and electronics industry.
Another key recommendation was the creation of a National Education and Workforce Development Plan (NatPlan), which Marcos supported. (PNA)