US electronics firms eye PH as alternative hub
American electronic companies are planning to set up shop in the Philippines as an alternative or complementary location for their factories in Asia.
DTI Undersecretary Ceferino Rodolfo said the recently-enacted Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act spurred interest from US investors, mainly from infrastructure-related companies.
Moreover, Trade Secretary Ramon Lopez said they have gotten inquiries from innovation-driven companies engaged in artificial intelligence (AI) regarding investment opportunities in the country.
“The nature and quality of investments from American companies and the business partnerships being formed with local companies have helped move the Philippines up the value chain,” said Lopez.
A bulk or 62 percent of Manila’s total exports come from electronics, with the US among the top export destinations of the local electronics industry along with Hong Kong, China, Singapore, and Japan.
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