Latest news with #SAPIEA
GMA Network
2 days ago
- Business
- GMA Network
PH to seek exemption from US 100% tariff on semiconductors
The Philippines will seek an exemption from the United States' planned 100% tariff on semiconductors, citing similar exemptions other countries claim to have received, Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Secretary Frederick Go said Monday. According to Go, the announcement of US President Donald Trump that the United States will impose a 100% on imports of semiconductors is still in a 'gray space,' and officials are awaiting further guidance on the matter. 'We've also noted that some countries are claiming that their semiconductor exports will be exempted, so we are still seeking clarification from the USTR side,' he said in a panel during the EJAP Economic Forum 2025 in Manila. 'We are lobbying that our semiconductor exports likewise be exempted if there is such, but we still have to schedule a call or meeting with them to clarify this matter,' he added. Trump last week announced a 100% tariff on semiconductor imports, but said it will not apply to companies that are manufacturing in the US or have already committed to do so. 'So far, everything, let's just say almost everything you hear is a media announcement, so whatever you hear in media, we're reading at the same time… To my knowledge up to today, I don't know if any country has actually signed an agreement,' Go said. Prior to Trump's latest announcement, Go said electronics and semiconductors are not covered by Trump's reciprocal tariff directive. Semiconductor and Electronics Industries in the Philippines Inc. (SEIPI) president Dan Lachica earlier warned that a 100% tariff could have a 'devastating' impact on the Philippines' semiconductor manufacturing sector. Data from the Philippine Statistics Authority (PSA) showed the US was the country's top export destination in 2024, accounting for 16.6% or $12.14 billion of the total export receipts of $73.27 billion. Meanwhile, electronic products were the Philippines' top export, accounting for 53.4% or $39.09 billion of the total. Of this amount, the share of semiconductors to the total was 39.8% or $29.17 billion. — BM, GMA Integrated News
Gulf News
24-02-2025
- Business
- Gulf News
Philippines: 130,000 jobs seen on $34.55 billion investment pledges
Manila: The Philippines is experiencing an investment surge like never before, with Php 1.9 trillion ($34.55 billion) in approved investment pledges for 2024 — the highest in history. This 29 per cent jump from 2023 is expected to generate over 130,000 jobs, marking a major milestone in the country's economic transformation. Investor confidence soars The Board of Investments (BOI) credits the Marcos administration's aggressive push to position the Philippines as a premier investment hub. Frederick Go, Special Assistant to the President for Investment and Economic Affairs (SAPIEA), said these investments will fuel economic expansion and job creation. 'This unprecedented performance reflects the growing investor confidence in the country and the success of our economic policies,' Go said. 'These projects will translate into more jobs and long-term, investment-driven growth.' Where are the investments coming from Domestic investments: Php 1.35 trillion ($23.3 billion), a huge jump from Php578 billion in 2023) Foreign investment pledges: Php 544 billion ($9.4 billion) Top foreign investors: Switzerland, South Korea, the Netherlands, Japan, and Singapore Strategic sectors BOI Undersecretary Ceferino Rodolfo highlighted that these investments focus on key transformational industries: Renewable energy: Php 1.30 trillion Manufacturing: Php 144 billion Real estate: Php 138 billion Transportation and storage: Php 131 billion Electricity, gas, and utilities: Php 79 billion 'These projects are not just about numbers—they are modernizing the Philippine economy,' Rodolfo said. 'From tech-driven agriculture to sustainable energy, these investments will reshape industries and create high-value jobs.' New era of growth With this record-breaking investment influx, the government is optimistic that 2024 will pave the way for a stronger, investment-led Philippine economy. The challenge now? Ensuring these pledges materialize into real opportunities for Filipinos. The country posted a new record-high GNI per capita of $4,230 in 2023. and has been one of the most dynamic economies in the East Asia and Pacific region. This economic dynamism reflects increasing urbanisation, a large and young population, and strong consumer demand, supported by a vibrant labour market and robust remittances, which have raised the incomes of the most vulnerable, according to a World Bank report. In 2025, the Philippines is on track to become an upper middle-income country if key targets are met, according to the bank.
