Dwayne Pelagio

President Ferdinand “Bongbong” Marcos Jr. wants government support for the semiconductor and electronics industry as part of his plan to boost the economy.

Photo Couresy of ibctv13/Philippine News Agency.

Marcos created the remark during a meeting with the Private Sector Advisory Council-Education and Jobs Sector Group (PSAC-EJSG) at the Malacañang Palace on Jan. 21, highlighting his recognition for the significant benefits that the industry brings to the economy.  

Marcos pointed out that the Create More Law does not offer specific incentives for the semiconductor industry while other industries were given incentives such as car manufacturing.

“So, what we would need from all of you is what you think needs to be done,” he said during the meeting.

Marcos cited the need for the semiconductor industry to boost the economy.

“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 in a press release on Jan. 22.

He added that the government should focus more on the semiconductor industry and he needs more suggestions from the industry so that he can try to incorporate it with the current policies of his administration.

The meeting also discussed previous recommendations and new proposals regarding the semiconductor and electronics industry, education, and workforce development.
 
The PSAC-EJSG has recommended a review on the implementing rules and regulations (IRR) of the Create More Act – which will cover the semiconductor industry.

The Department of Trade and Industry (DTI), through the Board of Investments (BOI) and Department of Finance (DOF), released the interim rules on the application of the said act on December 17, 2024.

The interim rules were published while waiting for the law’s IRR that allows investment promotion agencies to register projects and offer incentives.