During a business forum in Manila, Commerce Secretary Gina Raimondo underscored the importance of diversifying the global chip supply chain. Raimondo stated that the United States aims to assist the Philippines in doubling its semiconductor facilities, addressing concerns about the concentration of chip manufacturing in specific geographical regions.
Raimondo’s remarks follow a recent trade mission led by her, which unveiled investments exceeding $1 billion by American companies in the Philippines. This initiative aligns with broader efforts by the U.S. government to encourage Southeast Asian nations to strengthen their investments in chip production and related industries. Currently, much of the chip manufacturing activity is concentrated in Taiwan, China, and South Korea.
The U.S. government’s push for semiconductor expansion in the Philippines signifies a strategic move to mitigate risks associated with the concentration of chip production. By promoting diversification in the chip supply chain, both the U.S. and Philippines aim to enhance global resilience and stability in semiconductor manufacturing.
#ITCNewsUpdates #ChipSupplyChain #SemiconductorExpansion #GlobalInvestment #EconomicDevelopment #ICTTM
