TRADE Secretary Alfredo Pascual urged foreign companies in the advanced technology and semiconductor industry to invest in the Philippines and explore partnerships with the country’s local companies during the AsiaPacific Economic Cooperation (APEC) Summit in San Francisco, California.

In a statement on Saturday, Pascual said he and President Ferdinand Marcos Jr. met representatives of the Semiconductor Industry Association (SIA) on November 15 at the sidelines of the APEC meeting.

“The Philippine government recognizes the importance of fostering relevant collaboration projects and cooperation with partner countries, such as the US, as key partners for economic development that would help spur faster the development of our country’s semiconductor industry,” he said.

“I, therefore, encourage the SIA board members to continue doing business with us as we mutually pursue to elevate our countries’ relations further and optimally benefit from the growth potential of our economies,” Pascual added.

The Trade chief emphasized the advantages of expanding in the Philippines guided by the Industry Development Program that addresses industry constraints to attain competitiveness.

He also mentioned that the Department of Trade and Industry (DTI) is currently working with the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (SEIPI) to establish an integrated circuit design training lab and a lab-scale wafer fabrication facility.

“The Philippines has witnessed substantial growth in electronics exports with a remarkable 62-percent surge equal to $49 billion in 2022. While we do not expect as big an export growth in 2023, the Philippines remains an attractive destination for companies seeking cost-efficiency and value optimization to serve international clients profitably,” Pascual said.

“Our country offers several advantages, including a large pool of young skilled labor, a competitive business environment, strategic market access, and strong government support,” he added.

Pascual and President Marcos also met with the Silicon Valley Technology companies and investors to discuss potential partnerships in harnessing artificial intelligence (AI) technology, particularly in upskilling Filipino workers.

“Fostering a future-ready workforce is a collaborative effort that should be undertaken by both public and private stakeholders. Since these digitalization efforts demand a shared responsibility, it is imperative that an alliance be formed that capitalizes on the strengths of both sectors,” he said.

“As the government employs a whole-of-society approach, we urge our partners from the local and global industry to work with us in ensuring an inclusive economic development,” Pascual added.

Also, at the sidelines of the APEC Leaders’ Week 2023 on November 16, Pascual and President Marcos met executives of software company Palantir Technologies Inc. and urged them to expand in the Philippines, which will help the Philippines pursue digitalization.

The DTI said the meeting delved into the intelligent reporting solutions of Palantir Technologies, a prominent US-based technology firm specializing in AI applications for seamless data integration and analysis.