Department of Trade and Industry (DTI) Secretary Alfredo Pascual has invited high-tech Dutch companies to invest in the Philippines as the country offers highly skilled talents.
In a statement Tuesday, DTI said Pascual met high-tech companies based in the Netherlands last June 30. Executives from semiconductors, automotive and integrated circuit (IC) design industries took part in the roundtable meeting with the trade chief.
“You may ask: Why invest in the Philippines? It is because the Philippines boasts itself in our vast number of engineers and robust workforce, having a nearly competitive integrated circuit (IC) design engineers and experience in FinFET technology,” the trade chief said.
FinFET or field-effect transistor is a type of technology that utilizes thin vertical fin and is being used in computers, laptops, tablets, smartphones, wearables, high-end networks, and automotive, among others.
Pascual told Dutch businesses that semiconductors and other high-tech sectors are top priorities of the country in helping to continue its economic growth.
“One of the critical reasons why semiconductor investments are gaining traction is the rapid pace of innovation and the increasing complexity of semiconductor technology,” he said. “We are moving toward a more interconnected and data-driven world this is why, the demand for high-performance and energy-efficient semiconductors continue to rise.”
Carrying the brand “Make It Happen in the Philippines”, Pascual urged Dutch firms to put their next investments in the country given its fast economic growth of 7.6 percent in 2022, which surpassed the growth of China and Vietnam.
He said recent reforms such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law offers more attractive and rationalized incentives to investors, while the amendments to the Foreign Investment Act, Public Service Act, and the Retail Trade Liberalization Act also ease limitations on foreign ownership in certain businesses in the Philippines.
“The Netherlands and the Philippines share mutual interests in the semiconductor and high-tech sectors as we both recognize the importance of these industries in driving innovation, job creation, and ultimately, economic growth,” Pascual said. (PNA)
